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LP Radar: Arizona commit $150 million to PE

Arizona Public Safety Personnel Retirement System team up with Stepstone and Sterling Group

Arizona Public Safety Personnel Retirement System has committed up to $150 million into private equity over the past month. The Phoenix based pension’s assets under management total $8.1 billion, of which 41.2 percent is focused on the alternative investment market. Within this, the allocation towards private equity, 10.2 percent, falls below the 14 percent maximum allocation allowed for the asset class.

Stepstone Group was one of two fund managers which benefited from the pension fund’s foray into private equity. The asset manager received a $90 million commitment from the retirement system for its AZ China and Asia Opportunities Fund. The vehicle is Stepstone’s first China-focused fund.

The remaining $60 million was earmarked for Sterling Group’s fourth flagship fund. Within this, $40 million was committed to the parent fund, with a further $20 million being allocated to a co-investment vehicle.

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