The $71 billion Pennsylvania Public School Employees' Retirement System at its January meeting approved $350 million in mandates spread across two fund managers.
The allocations follow the appointment of Benjamin Cotton as chief investment officer of the fund, replacing James Grossman, who retired last May. Cotton had been a senior managing director for the $60 billion United Auto Workers Retiree Medical Benefits Trust in Michigan.
Trustees selected the CD&R’s Clayton, Dubilier & Rice Fund XII for a $100 million mandate. The buyout fund was approved by staff and consultant Hamilton Lane. CD . . .
Unlock this article instantly, along with the rest of our premium content and benefits including daily/weekly/monthly newsletters.
A pay-as-you-go plan to get you started
→ Instantly unlock all new and archived articles
→ Daily, weekly and monthly e-mail newsletters
→ Access to the weekly AW Deal Watch by AW Research
Get more for less - 20% discount over monthly
→ Everything in Monthly PLUS:
→ Access to articles and data from AW Research
→ AW Annual Investor Compendium – our comprehensive guide to investor activity, with a ranking of the most active investors for the year and profiles of the top global allocators