The $33 billion Pennsylvania State Employees' Retirement has approved a total allocation of $58.6 million to three private equity firms.

The board approved up to $30 million to Advent Latin American Private Equity Fund IV, up to $15 million to PNC Equity Partners II. and up to €10 million (US$13.6 million) to Alpha Private Equity Fund 5, as a follow-on commitment. The board previously had approved a €60 million (US$81.9 million) commitment to the same fund. Investments will be funded from cash as part of SERS’ long-term investment plan.

In other PA SERS news, its board voted to retain Cambridge Associates LLC as its consultant for alternative investments (private equity and venture capital) for an additional five years. Cambridge’s current contract expires next year.  The decision to retain Cambridge concludes an RFP process.