The $64 billion (€44 billion) Pennsylvania Public School Employees’ Retirement System (PSERS) has approved $250 million to energy specialist First Reserve’s latest fund.
The commitment is PSERS' second fund relationship with First Reserve, which is targeting $12 billion for First Reserve Fund XII with a hard-cap of $16 billion. If the firm succeeds in reaching its fundraising target, the fund will be the largest ever energy-dedicated vehicle.
Greenwich-based First Reserve will use the fund to make investments of $200 million to $1.5 billion in companies involved in the global energy and natural resources industries, according to PSERS documents.
PSERS also committed €150 million to Stockholm-based Nordic Capital’s seventh buyout fund, which will target primarily Scandinavian-based upper middle market and large market companies. The fund is aiming for a €3.7 billion close and has a €4.3 billion hard-cap.
The US pension fund's real estate commitments included an investment of up to $200 million in Beacon Capital Partners’ latest real estate vehicle, Beacon Capital Strategic Partners VI, with an additional $200 million commitment available for a co-investment fund. The vehicle, which held its first close in April, continues on Beacon's focus on office properties in key urban, knowledge-based cities.
The pension also committed up to $100 million in Boston-based Cabot Properties’ latest industrial property fund, Cabot Industrial Value Fund III, as well as up to $150 million in the Stockbridge Value Fund, and up to $125 million in Mesa West Real Estate Income Fund II.