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.
According to its 2009 annual report, it had 60 real estate portfolio investments made through 26 fund managers. The portfolio was valued at $2 billion. A third of PA SERS’ real estate investments are through commingled funds, while two-thirds is in separate accounts.
Having witnessed an improvement last year, the Pennsylvania pension saw its real estate portfolio return 2.3 percent, and 4.5 percent in the fourth quarter. Recent commitments include $15 million to BPG Properties latest value-added fund.
Additional reporting by Robin Marriott