PennSERS commits $50m to Asia Alternatives separate vehicle

Penn Asia targets GPs in markets including Greater China, Japan, Korea, India, Australia and Southeast Asia, according to a PennSERS statement. The commitment was one of a global package worth $200 million approved by the system's board of trustees.

PennSERS invested $50 million in each of Asia Alternatives' three co-mingled funds, the most recent of which reached a final close of $1.5 billion in August 2012. The system also committed $7 million to another separate vehicle - Asia Alternatives Korea Buyout Investors (Hahn & Co).

PennSERS had $25.4 billion under management as of June 2013, of which $3.7 billion, or 14.5%, was in private equity. Its special situations and venture capital allocations were 3.6% and 5.4%, respectively, while a further 3.9% was in private real assets.

The system's five- and 10-year allocation targets for alternative investments - including private equity funds, private energy funds and non-core real estate funds - are 24% and 16%, respectively, with a 5% range.

As of the end of 2012, PennSERS' direct GP relationships in Asia included H&Q's Asia Pacific Growth Fund III, Bain Capital Asia Fund, Baring India Private Equity Fund III, Excelsior Capital Asia Partners III, Newbridge Asia III and IV, TPG Asia V, Avenue Asia Special Situations Fund IV and CID Greater China Venture Capital Fund II.

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• Topics
• LPs
• North America
• Fundraising
• Asia Alternatives Management
• Fundraising
• Asia
• USA
• Pennsylvania State Employees’ Retirement System (PennSERS)
• LPs
• Separate accounts