PennSERS To Introduce Currency Hedge Program

Mar 17 2006 | 12:00am ET

The $53 billion Pennsylvania School Employees Retirement System has adopted plans that recommend a new strategy and a new asset class. The retirement system will introduce a currency hedge program as a strategic element of its non-U.S. equity portfolio and hopes to establish a 5% exposure to commodities as an asset class.

The recommendations are part of a recently completed asset allocation study conducted by Wilshire Associates. Evelyn Tatkovski, spokeswoman, said it is too premature to tell whether the fund will actively seek managers.

The fund also made new commitments to private equity. The plan will commit up to $200 million each to the Fortress Investment Fund IV and Cerberus Institutional Partners. The fund's commitment in the Fourth Cinven Fund will also be boosted to €150 million from €80 million. 


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