Penn SERS will invest $50m in Centerbridge’s Capital partners III vehicle to help the distressed debt and middle-market-focused fund towards its reported $5.75bn target.
The LP, which manages around $27bn, said the commitment was in line with its strategy to make the fund more liquidby investing in shorter term strategies.
The remaining $25m has been allocated to ABRY Partners Fund VIII, which focuses on the media, telecommunications, and information/business service sectors.
Both investments come under Penn SERS’ 2014-2015 investment strategy to make fewer, larger commitments to top-tier managers.
Just one month ago Penn SERS agreed to commit up to $75m to Orchird Asia Group’s’s latest fund, which is targeting $750m.
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