The Pennsylvania Public School Employees’ Retirement System (PSERS) has authorised an investment of up to $250 million in Strategic Partners’ latest dedicated secondaries fund.
The pension fund approved the commitment to Strategic Partners Fund VII at its board meeting on 11 March, according to documents from the meeting.
Strategic Partners Fund VII is targeting $5.5 billion and has raised at least $288 million so far, including the commitment from PSERS, according to PEI Research and Analytics.
The pension fund also announced commitments to other funds totalling almost $1 billion including debt, buyout and real estate vehicles, according to the documents.
PSERS manages about $52 billion on behalf of over 600,000 public school employees of Pennsylvania, according to its website.