US - The US$16.3bn Indiana Public Employees' Retirement Fund (PERF) has committed a further US$108.5m to private equity funds following a $270m commitment just four months ago.
Almost half of this new allocation to the asset class is accounted for by a $50m commitment to Lehman Brothers Fund XVIII, which was agreed by the trustees in December, but only now been announced.
The fund has also made investments in other funds that provide venture capital for start-up companies and established firms with growth or improvement potential.
A further $8.5m was committed to Horseley Bridge Growth VIII, which follows on from the $45m commitment to Horseley Bridge Growth IV, which closed in January.
Some $20m and $30m were committed to Technology Partners Fund VIII and Oaktree Capital Management respectively. Technology Partners provide venture capital to promising cleantech and life sciences companies. PERF has twice previously invested $30m with Oaktree Capital Management.
The announcement came hot on the heels of yesterday's announcement that the Indiana Teachers’ Retirement Fund (TRF) had committed US$50m to a “sidecar” fund to PERF's $105m Indiana Investment Fund 1 (IIF), which was launched in June last year.
PERF launched the private equity fund, the brainchild of outgoing executive director, David Adams, last year to “focus investment resources on quality Indiana businesses”. It allocated $100m to the fund, with the remaining $5m provided by the fund manager Credit Suisse.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.