US - The board of the US$28bn Pennsylvania State Employees' Retirement System (PA SERS) has committed up to $380m in alternative investments.
According to PA SERS, who looks after over 200,000 members, the commitments will be funded from cash as part of a long-term investment plan.
The approved alternative investments include: up to $30m in ABRY Senior Equity II, L.P; up to $20m in AG Capital Recovery Partner V, L.P; up to e60m/$70m in Charterhouse Capital Partners VIII, L.P; up to $35m in Great Hill Equity Partners III, L.P; up to $75m in Madison Dearborn Capital Partners V, L.P; up to $50m in Polaris Venture Partners V, L.P; up to $100m in TA Associates X, L.P
The board also authorised an investment of up to $30m in Lubert-Adler Real Estate Fund V, L.P., as a follow-on commitment.
In addition the board authorised a five-year renewal in its contract with The Hay Group for actuarial services.
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...