The board of the Pennsylvania State Employees’ Retirement System (SERS) approved a move to put an additional $383 million into private equity funds. The seven private equity funds the will receive commitments from the LP are as follows:
*SERS will invest up to $30 million in ABRY Partners’ ABRY Senior Equity II. ABRY Partners is a New York-based buyout firm. It last raised ABRY Partners V, a vintage 2004 fund, with $900 million.
*The pension fund’s board committed up to $20 million for Angelo Gordon & Company’s AG Capital Recovery Partners V, a distressed debt fund. The New York-based firm raised about $550 million for AG Capital Recovery Partners IV in 2003.
*The board approved $73 million for Charterhouse Capital Partners fund, Charterhouse Capital Partners VIII. The London-based buyout shop closed its seventh fund in 2002 with more than $3 billion.
*The board agreed to invest $35 million in Great Hill Equity Partners’ third fund. The Boston-based private equity firm closed on its second fund in 2001 with $460 million.
*SERS will invest up to $75 million in Madison Dearborn Partners’ Madison Dearborn Capital Partners V. The Chicago-based buyout firm raised more than $4 billion for Madison Dearborn Capital Partners IV.
*The board approved $50 million for Polaris Venture Partners’ Polaris Venture Partners V. The Waltham, Mass.-based venture firm’s previous fund, Polaris Venture Partners IV, closed on $915 million in 2002.
*SERS approved $100 million for TA Associates’ TA Associates X. The Boston-based firm invests in later stage venture and buyout deals.
Pennsylvania SERS has been a consistent long-term investor in private equity with almost $3.5 billion invested in the asset class, according to its most recent quarterly report. Last year, the system posted year-to-date returns of 11.6% through Sept. 30, and private equity returns rose 27 percent.
At its previous board meetings, the pension system approved $230 million in December and $110 million in October to private equity funds.