Pa. SERS Approves New Investments
March 14, 2008
The Pennsylvania State Employees' Retirement System (SERS) has made new commitments in real estate and private equity, said Robert Gentzel, spokesman for the plan.
The board approved investments of up to $75 million in Oculus Small-Cap Real Estate Fund I and up to $25 million in Lubert-Adler Real Estate Fund VI.
On the private equity side, commitments of up to $40 million to ABS Capital Partners VI, up to $50 million each in Lime Rock Partners V and Madison Dearborn Capital Partners VI and up to $15 million in Versa Capital Partners II were made.
Gentzel said that Cambridge Associates assisted the board with selection of the private equity investments, while The Townsend Group, assisted with the selection of the real estate funds.
"We are at our target allocation for both alternatives and real estate," Gentzel said. "Actually, as of Dec. 31 we were a little over in both--alternatives were at 15.6% versus a target of 14% and real estate was at 8.6% versus a target of 8%. Still, you will continue to see further investments in these classes to maintain our target allocations."
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