PA SERS Makes Follow-On Private Equity Investments

Sep 19 2007 | 2:18pm ET

The $34 billion Pennsylvania State Employees’ Retirement System last week approved six private equity commitments totaling some $181 million. 

PA SERS’ board approved follow-on investments of up to up to $10 million to Avenue Special Situations Fund V in addition to a previous $60 million commitment, up to $100 million in aggregate to Bain Capital Fund X and Bain Capital X Coinvestment Fund, up to $25 million to Ignition Venture Partners IV, up to $1.2 million to purchase a secondary interest in Meritech Capital Partners II in addition to a previous $24.6 million commitment to the same fund, and up to $25 million to TPG Asia V.

Finally, the board also committed up to $20 million to Segulah IV. 

The private equity investments will be funded from cash as part of PA SERS’ long-term investment plan.

Also, the board has agreed to hire Credit Suisse Securities Customized Fund Group to help its investment staff in managing PA SERS’ private equity/venture capital investment portfolio. 

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