The institutional investor has committed up to $100m to Veritas Capital Fund III and up to $25m to the sidecar vehicle that will co-invest with it.
Veritas is believed to be targeting $10bn for Fund VIII, which would reflect massive growth from the $6.5bn predecessor it raised in 2019.
It was revealed last week that the firm had picked up $60m from the Montana Board of Investments. The fund had also collected $250m from Oregon Public Employees Retirement System in March.
Veritas was said in February to be bidding to take £2.3bn Nasdaq-listed Houghton Mifflin Harcourt private.
It also scored a hefty return selling healthcare software developer athenahealth to buyout pair Bain Capital and Hellman & Friedman in a $17bn deal last year.
SERS’ has also committed up to $75m to Blackstone Real Estate Partners X.
The fund had already secured up to $75m from Arkansas Teacher Retirement System earlier in the month.
Blackstone Real Estate Partners X is the successor to the world’s biggest closed-end private equity real estate fund.
Blackstone raised $21bn for BREP IX in 2019. Other backers of Fund X include the Minnesota State Board of Investment, which made a $200m commitment last month.
SERS has made a 2.78% return from private equity in the first quarter of 2022, making it the third best-performing asset class in its portfolio. Real estate came first with a 3.56% return.
TIPS, fixed income, US equity, international developed markets equity and emerging markets equity all posted losses for the period.
The pension fund major has also lowered its investment return assumption from 7% to 6.875% effective December 31.
SERS executive director Joe Torta said, “The board carefully considered a number of options, ultimately settling on an eighth of a percentage point reduction.
“The incremental reduction reflects a reasonable long-term target to be achieved over the next 20 to 30 year period, given current market projections, and is right in line with our peer systems.”
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