South Carolina Retirement System Investment Commission committed or invested more than $1.5 billion to five alternative investment managers at a meeting Thursday to Pensions & Investments
Commissioners accepted the recommendation of its internal investment staff to further build out the $29.3 billion state pension fund’s credit exposure by allocating $400 million each to a multistrategy private debt separate account managed by Highbridge Principal Strategies and to a structured credit approach managed by GoldenTree Asset Management, a webcast of the meeting showed.
Emerging markets debt managers Ashmore Investment Management and Grantham, Mayo, Van Otterloo & Co. each received a $300 million allocation.
As of March 31, the pension fund had $4.9 billion invested in or committed to diversified credit, about 16.9% of plan assets, according to a report from Hershel Harper Jr., chief investment officer.
In private equity, commissioners committed up to A$100 million ($77.3 million) to Pacific Equity Partners Fund V. An additional A$50 million was committed to the manager for related co-investments.