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Arizona Public Safety commits up to $300m to five funds

1 Jul 2014

phoenixThe Arizona Public Safety Personnel Retirement System (PSPRS) has agreed to commit up to $300m to investments funds managed by five GPs.

At the June meeting, the retirement system’s investment committee approved commitments of up to $30m to Vista Equity Partners Fund V, up to $80m to Bridgewater Real Asset Fund and a direct investment of $30m and an additional $20m for co-investments to Greenfield Acquisition Partners Fund VII.

PSPRS has also committed up to $80m and up to $40m for co-investments to Magnetar Capital MTP Energy Fund.

PSPRS’ other recent fund investments include a commitment of $40m to real estate private equity firm Lubert-Adler Capital’s $500m-targeting fund.

One of the newly backed funds, Vista Equity Partners V, recently held a first close of $3.8bn, eclipsing its $3.5bn target.

Fund V has a hard cap of $5.75bn and has amassed around $11.5bn of demand, according to a PeHUB report.

Vista closed its previous fund on $3.5bn in 2012, four years after it raised $1.8bn for its third fund.

Greenfield’s seventh fund was launched last year, shortly after the firm closed its previous vehicle on $450m.

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