South Carolina’s $38bn pension backs Banner Ridge

The Columbia-based pension fund has committed to new secondaries vehicles.

Institution: South Carolina Retirement System
Headquarters: Columbia, US
AUM: $38.16 billion
Allocation to alternatives: 34%

South Carolina Retirement System announced commitments that were made between 1 June and 13 September 2023 during its recent commission meeting.

The US pension fund committed $53 million to Banner Ridge Secondaries funds, $40 million to Banner Ridge Secondary Fund V and $13 million to Banner Ridge Secondary Fund V Co.

Banner Ridge Secondary Fund V has a target size of $1.4 billion and has held a first close on $2 billion in August this year. Its predecessor raised $1 billion closing above its target of $600 million.

The $38.16 billion pension fund’s recent secondaries commitments have been focused on the North America region, as illustrated below.

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