The board of the Pennsylvania State Employees’ Retirement System has approved making a $100 million additional placement in the Ardian Secondaries Fund IX L.P. The fund is a large fund of funds, made up of private equity allocations and infrastructure funds. In addition to the $100 million, the pension allocated up to $50 million to a sidecar vehicle that will co-invest alongside the Ardian Secondaries Fund IX.
The board also approved a follow-on investment of $75 million in the Oak Street Real Estate Capital Fund VI L.P., a single tenant net-lease properties fund. The board also voted to investigate active management in their U.S. fixed-income portfolio. The $38 billion fund, which has over $2 billion of net assets invested in U.S. core fixed income, will explore investment managers for this policy update.
The fund’s investment staff also presented proposed schedules for upcoming consultant searches. The staff plans to begin the request for information process to select the next real estate consultant in mid-March 2023 and the general investment consultant in mid-May 2023. The current contract with NEPC, LLC for real estate consulting services will expire on December 1, 2023, and the current contract with Callan, LLC for general investment consulting services will expire on February 26, 2024.
Outside of investment-related business, the board approved the proposed fiscal year 2023 to 2024 budget for the investment fund, the…
