South Carolina discloses up to $495 million in commitments
South Carolina discloses up to $495 million in commitments
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South Carolina Retirement System Investment Commission, Columbia, disclosed up to $495 million in commitments for the $35.6 billion South Carolina Retirement Systems investment portfolio.
The commitments were made in March and April, according to board documents from its April 15 meeting.
The council committed up to $200 million to AxInfra NA II, an open-end core infrastructure fund focusing on North America managed by
Axium Infrastructure.
In private equity, the council committed up to $100 million to Stonyrock Alt Fund I, which acquires general partnership stakes predominately in middle-market firms in North America and is managed by
Executives at the South Carolina Retirement System pulled off a previously unimaginable task in 2020, conducting a complete review of the fund’s asset allocation, simplifying its portfolio, negotiating with suppliers, and gaining approval from the commission, all while working entirely remotely. Amanda White speaks to executive director Michael Hitchcock about the new portfolio and the process of getting there.
The South Carolina Retirement System has simplified its investment portfolio, moving from 18 different asset classes with 21 different benchmarks, to just five asset classes.
“We did a major redo of the asset allocation we called portfolio simplification, and we got the commission to approve it and implement it during the height of the pandemic,” says Hitchcock.
South Carolina earmarks up to $355 million to 6 funds
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South Carolina Retirement System Investment Commission, Columbia, committed up to $355 million to five private equity funds and a private debt fund for the $35.6 billion South Carolina Retirement Systems investment portfolio, according to board documents.
The board disclosed the commitments, which were made December through February, at its meeting Thursday, including a $100 million commitment to Aberdeen Standard U.S. Private Equity IX, a private equity fund of funds managed by
Aberdeen Standard Investments.
It also committed $100 million to KKR Asian Fund IV, an Asian-focused buyout fund targeting middle-market and large-cap companies managed by
Largest funds come out ahead in volatile year
The 1,000 largest U.S. retirement funds emerged from the year ended Sept. 30 with healthy coffers, despite a period marred by bouts of historic stock market losses and volatility.
During the year ended Sept. 30, retirement funds saw their assets grow 6.6% to $12.09 trillion, in comparison to the previous year when assets of the 1,000 largest funds grew by only 3%, results from Pensions & Investments annual surveys show.
Over the five years ended Sept. 30, assets in this universe grew 36.7%, up from $8.84 trillion.
Jonathan Pliner, the New York-based U.S. head of delegated portfolio management at Willis Towers Watson PLC, noted that retirement funds having largely weathered historic lows in the stock market was not entirely surprising … given the speed with which markets rebounded in the second quarter of 2020 following the onset of the coronavirus pandemic.