PennSERS renews PE consultant contract, adopts new asset mix

The board of the $39 billion Pennsylvania State Employees’ Retirement System (PennSERS) selected a private equity investment consultant and approved several investment-related policy enhancements.

The board selected StepStone Group to provide both non-discretionary private equity consultant services and administrative and back-office support services for PennSERS’ defined benefit plan investment portfolio for a five-year period beginning Oct. 6, 2022. StepStone is the system’s current private equity consultant. Its current contract will expire on Oct. 5, 2022.

The board also adopted a new, enhanced asset allocation policy and approved corresponding updates to . . .

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Mark Fortune

Mark Fortune has more than 30 years of experience as a financial writer and editor, with a focus on institutional investment management. He has worked in various editorial roles at organizations that include Institutional Investor, Pageant Media, Markets Group and, most recently, at New York investment management firm Cohen & Steers.

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