Director of alternative investments at the Pennsylvania State Employees’ Retirement System Bruce Feldman will step down on 17 June, according Robert Gentzel, director of communications at the $25.5 billion pension.
Pennsylvania has not named a replacement for Feldman, but is hoping to identify a successor prior to his departure, Gentzel told Private Equity International. The pension is conducting the search internally without the use of an executive recruiting firm. Feldman has been director of alternative investments at PA SERS since 2000 and has been with the pension since 1991.
Last month, PA SERS reported an 18.3 percent return for 2010 from its private equity portfolio, the highest performing asset class for the pension during the year. The system’s total performance in 2010 reached 11.9 percent, beating its 8 percent long-term assumed rate of return required to pay out benefits to members. The results represent the twelfth time in the last 16 years that the fund outperformed its actuarially assumed rate of return.
Recent follow-on investments from the pension include a commitment of up to $30 million to ABRY Partners VII and up to $10 million to Guggenheim Technology Ventures II.
PA SERS has $5 billion or 20 percent of assets in private equity. The pension reported a 0.5 percent return for the asset class as of 30 June, 2010.