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ABRY Partners and Centerbridge funds attract up to $75m from Pennsylvania SERS

25 Jul 2014

dollar envelope moneyThe Pennsylvania State Employees’ Retirement System has upped its investments in Centerbridge Capital and buyout house ABRY Partners by $75m.

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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