South Carolina Pension Adds $415M to Three Alts Mandates

The South Carolina Retirement System, which manages $44 billion in assets, has made several allocations to hedge funds, private equity, and infrastructure since March.

In portable alpha hedge funds, which account for 11% of the overall investment program, a $200 million commitment was made to Bayview Asset Management’s MSR Opportunity Domestic Fund, which focuses on mortgage-backed securities.

Peppertree Capital Fund X received $40 million to add an infrastructure strategy to the pension fund’s portfolio of real assets. Peppertree Capital manages the fund which invests in digital infrastructure.

In April and May, three private equity allocations were made totaling $175 million. Industry Ventures Partnership Holdings VII received a $75 million investment in early April. Industry Ventures manages the fund, which is an early-stage venture capital strategy.

HighVista Strategies received a $50 million commitment for its HighVista Private Equity X fund in late April. The fund closed in early May with $675 million. The fund’s goal is to collaborate with sub-$500 million specialist private equity sponsors, co-invest directly in founder-owned and founder-led enterprises in the U.S., and acquire lower middle market secondary interests.

An additional $50 million allocation was made to Paceline Equity Partners’ latest fund. The Paceline Equity Partners Opportunity Fund II closed in late May at $780 million.

The fund maintains Paceline’s focus on opportunistic, value-oriented, and special situations investments in North America across asset classes ranging from private equity to corporate debt and real assets. The fund has already completed five investments and one exit across these asset classes.