Pennsylvania State Employees’ Retirement System made $175 million in private equity commitments to funds focused on consumer products and business services at its July 31 meeting.
The system pledged $75 million to KPS Capital Partners’ Special Situations Fund V and $25 million to KPS Special Situations Mid-Cap Fund, according to a news release. Target sizes for the funds weren’t available.
Both KPS funds focus on control buyouts of distressed companies in the “basic materials, industrial components and equipment and branded consumer goods industries,” according to the release.
PA SERS also committed $75 million to Wind Point Partners’ IX-A fund, which invests in the industrial products, business services and consumer products sectors. The target size for the fund wasn’t available.
The $29 billion system’s allocation for PE sits at 13.7 percent on a 16 percent target, Active LPs reported.
PA SERS set its annual pacing for new private equity commitments at $650 million, according to its 2018-2019 investment plan.