The Pennsylvania State Employees’ Retirement System’s (SERS) Alternative Investments managing director, Lauren Lenfest, will retire from the fund on 5 February, a spokeswoman told Private Equity International.
Lenfest’s replacement has not been named, but David Felix has been appointed acting managing director in the interim, the spokeswoman said. Felix is currently a director in SERS’ alternative investments division, where he has worked for almost three years, according to his LinkedIn profile.
Lenfest, whose retirement was mentioned in the $26 billion system’s board meeting agenda on 27 January, has worked at SERS for more than four years, overseeing its private equity and venture capital programmes.
At the same board meeting, the system approved up to $250 million of commitments to private equity, including up to $100 million to London-based global buyout fund Advent International VIII, up to $100 million in Ardian Secondaries Fund VII (B) and up to $50 million in ASF VII PA Co-Investment Fund.
The fund is targeting commitments of $100 million or greater, according to its 2016-17 Strategic Investment Plan.
“The investments support the strategic initiative of targeting larger commitments in best-in-class funds to build long-term strategic partnerships, improve operational efficiency by reducing the number of funds, and improve SERS’ leverage to negotiate lower management fees,” it said in a statement.
The Strategic Investment Plan has raised SERS’ target commitment to private equity from $500 million to $750 million a year, with its allocation projected to be 11.7 percent-23.8 percent of the total fund’s value by 2025, with a base case allocation of 16 percent.