Pennsylvania commits $75m in re-ups

The $24bn pension has made commitments to BC Partners, Meritech Capital and SFC Energy Partners, and is considering committing to Berkshire Partners and international investment group Brait.

The Pennsylvania State Employees’ Retirement System has committed $75 million to three private equity firms, all of which have existing relationships with the pension.

PA SERS committed up to $30 million to BC European Capital IX, which recently launched with a target of roughly $8 billion; up to $20 million to Meritech Capital Partners IV, targeting $425 million for late-stage financing of venture-backed technology companies; and up to $25 million to SFC Energy Partners II, a fund of funds that focuses on energy related funds. A target for SFC II could not be determined by press time.

The $24 billion pension is also considering making commitments to South African investment firm Brait’s fifth fund, which is understood to be considering a target of around $700 million and which held a first close on about $100 million in March.

Pennsylvania is also considering committing to Berkshire Partners’ eighth fund, the target amount of which could not be determined at press time. The firm invests in consumer products, retailing and related services, business services, transportation, energy, industrial manufacturing and communications. Berkshire closed its seventh fund on $3.1 billion in October 2006.

PA SERS’ reported a 0.5 percent return for private equity as of 30 June.