Arizona Retirement System commits $60m to Cortec

The commitment included a direct investment of up to $40m, and up to $20m for co-investments

The Arizona Public Safety Personnel Retirement System's board of trustees' investment committee has invested up to $60 million (£39.46 million; €54.90 million) total to Cortec Group's Fund VI, according to an agenda for an investment committee meeting held on 27 May.

The spokesman was not immediately available to comment.

The PSPRS committed up to $40 million in direct investment and up to $20 million in co-investments, subject to final staff and legal due diligence, to Fund VI, which closed on 13 May at its hard-cap of $1.1 billion.

The system, located in Phoenix, Ariz., manages $8.10 billion in assets and allocated 10.2 percent to private equity as of 30 June 2013, when the data on its website was most recently updated.

In January, the system committed $75 million to TPG Opportunities Partners III and up to $20 million of direct investments and $20 million of co-investments to Trident VI. In March, it committed $20 million to Vivo Capital Fund VIII, according to PEI's Research & Analytics division.

Founded in 1984, Cortec targets mid-market companies in healthcare, manufacturing and distribution with revenues of $40 million to $300 million, according to PEI's Research & Analytics division.