US - The Pennsylvania State Employees' Retirement System has committed US$320m to alternative investments.
The $30bn fund will be investing up to $15m in InterMedia Partners VII, up to $30m to Sofinnova Venture Partners VII and up to $20m to VIMAC Ventures I.T. III.
PA SERS will also be placing up to $80m in the AXA Secondary Fund IV, up to $125m in Hellman & Friedman VI and up to $50m in Providence Equity Partners VI. All three will be made as a follow-on investments
In a bid for further diversification, SERS will also be reallocating US$70m from its small and midsized equity portfolios into a micro cap investment strategy within the fund’s domestic stock asset class.
“This move into micro cap equities further diversifies our fund and gives us exposure to an additional segment of the domestic equity market,” said SERS board chairman Nicholas Maiale.
Micro cap is generally defined as the segment of the domestic stock market comprising companies with a market capitalization of less than $500m.
The $70m investment will be split between two funds, with NorthPointe Capital and Turner Investment Partners each receiving $35m.
The SERS board also approved a real estate investment of up to $25m to BPG Investment Partnership VIII as another follow-on investment.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.