The commission committed up to $75 million to Crestview Partners’ latest fund, which is targeting $3 billion with a $3.5 billion hard cap. Crestview Partners III has raised at least $2.6 billion to date and will likely hold a final close in January, according to South Carolina documents.
South Carolina also committed up to 75 million euros ($92.9 million) to Bridgepoint Europe V, which is targeting 3.5 billion euros with a 4 billion euro hard cap. Bridgepoint Capital invests in established European middle-market companies.
The $29.9 billion retirement system holds a 9.1 percent allocation to private equity, slightly above its 9 percent target. Its $2.7 billion private equity portfolio generated a five-year return of 15.11 percent as of Sept. 30, according to South Carolina documents.