SCRS commits $175m to private equity

Institution: South Carolina Retirement System
Headquarters: Columbia, US
AUM: $38.16 billion
Allocation to private equity: 13.6%

South Carolina Retirement System announced commitments made between 1 June to 13 September 2023 during its recent commission meeting.

The US pension fund made $175 million worth of commitments to private equity vehicles: $100 million to KPS Special Situations Fund VI, $25 million to KPS Special Situations Mid-Cap Fund II and $50 million to Varsity Healthcare Partners IV.

KPS Special Situations Fund VI is targeting $8 billion and will follow the same strategy as its predecessor, Special Situations Fund V, by targeting diversified distressed and turnaround opportunities in North American regions. The fifth fund held a final close on $6.12 billion, which was above its target of $5 billion. KPS Special Situations Mid-Cap Fund II will similarly invest in distressed and turnaround opportunities in a diversified range of sectors in North American regions.

Varsity Healthcare Partners IV is a $700 million buyout fund investing in healthcare in North America.

South Carolina Retirement System has AUM of $38.16 billion pension fund and a current allocation of 13.6 percent to private equity, which is well above its current target of 9 percent.

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