PennSERS commits $50m to Asia Alternatives’ third fund
The Pennsylvania State Employees’ Retirement System (PennSERS) has committed $50 million to Asia Alternatives' third fund-of-funds, which was launched early last year with a target of $1 billion. As of September 2011, it had attracted $375 million, according to regulatory filings.
PennSERS confirmed its investment alongside a $75 million commitment to AXA Private Equity's latest secondary fund. The pension fund had $24.1 billion under management at the end of 2011, of which $6.3 billion, or 26.2%, was in alternative assets, not including real estate. Its five- and 10-year allocation targets for alternative investments are 24% and 16%, respectively, with a 5% range.
PennSERS committed $50 million to each of the previous Asia Alternatives vehicles, and $7 million to Asia Alternatives Korea Buyout Investors (Hahn & Co). Asia Alternatives Capital Partners closed in 2007 at $515 million while its successor vehicle raised $950 million, closing in 2008. According to sources familiar with the firm's activities, a final close on the third fund is imminent.
In addition to raising comingled fund-of-funds, Asia Alternatives also manages multiple separate accounts for LPs.
As of the end of 2010, PennSERS' direct GP relationships in Asia include H&Q's Asia Pacific Growth Fund III, Avenue Asia Special Situations Fund IV, Bain Capital Asia Fund, Baring India Private Equity Fund III, CID Greater China Venture Capital Fund II, Newbridge Asia III and IV and TPG Asia V.
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