The pension fund approved the commitment to Strategic Partners Fund VII in March, a spokeswoman for the pension confirmed. TCRS had previously committed the same amount to Strategic Partners Fund VI.
“The firm has an excellent track record over the past 15 years and our investment in Fund VI continues to develop nicely,” the spokeswoman wrote in an emailed statement. “This high-quality investment manager facilitates access to a successful secondaries investing platform, which helps manage the J-curve in our portfolio returns by generating earlier cash returns to the portfolio and offers TCRS shorter duration exposure to private equity assets.”
Blackstone’s secondaries unit is seeking $5.8 billion for Fund VII with a $6.5 billion hard-cap, according to PEI Research and Analytics. Documents presented to the Pennsylvania Public School Employees’ Retirement System earlier this year state the fund was expected to hold its first close on 29 January on $2 billion.
Pennsylvania Public School Employees’ Retirement System has committed $250 million to the fund, and the Minnesota State Board of Investment has committed $150 million, according to PEI data.
TCRS, which had $43.2 billion in total assets by 30 June, provides retirement benefits and services to state employees, higher education employees, teachers, and employees of political sub-divisions in the US state.