Institution: South Carolina Retirement System
Headquarters: Columbia, US
AUM: $35.61 billion
Allocation to alternatives: 17.1%
South Carolina Retirement System has made $125 million in commitments across two private equity funds, according to minutes from the pension’s June commission meeting.
In May, SCRS committed $50 million to PSG’s fifth fund, PSG V. The fund will invest in North American growth equity opportunities in the TMT sector. A further commitment of $75 million was made to TA Associates’ 14th venture/growth equity fund, TA XIV. The vehicle will invest in multiple sectors globally including the consumer goods, healthcare and financial services sector.
The $35.61 billion pension recently lowered its private equity allocation, according to its performance update during the commission meeting. Previously, it had a 9 percent allocation to private equity in December 2020 and reduced this to 8.4 percent as of March 2021.
SCRS’s private equity fund commitments tend to focus on global vehicles with buyout, venture and growth capital strategies.
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