SCRSIC to invest over $150 million in private equity

The South Carolina pension will invest in Crestview and Bridgepoint

The South Carolina Retirement System Investment Commission has allocated over $150 million to two private equity funds, as the portfolio moves to an overweight buyouts exposure, according to meeting documents from last Thursday.

$75 million will go to Crestview Partners III. That fund closed earlier this year on $2.4 billion, and will focus on US middle market buyouts with a value bias. The firm has already made two investments from the fund – a midstream company and a women’s apparel company.

Another €75 million will go to Bridgepoint Europe V to focus on middle market European buyouts. Bridgepoint is targeting €3.5 billion for that vehicle and had raised €2.8 billion as of October, PEI reported at the time.

The pension notes that it is moving toward an overweight buyouts exposure for its target allocations with a focus on co-investments in the space. Buyouts currently represent approximately 43 percent of the pension’s private equity exposure. The Investment Commission will target 54 percent over the next 5-7 years.

In all, private equity investments account for 9.1 percent of the RSIC portfolio and have generated a 2.78 percent return for fiscal year-to-date through September 2014.