South Carolina Pension Adds $400M to Private Markets

The South Carolina Retirement System Investment Commission committed $400 million to three private-market funds, expanding a $17.6 billion portfolio that produced mixed asset-class results during fiscal 2026.

The $58 billion retirement system returned 14.53% for the year ended June 30, outperforming its 13.98% policy benchmark, according to RSIC data. Its latest allocations include two private equity funds and one real estate vehicle.

Industry Ventures Secondary XI received $150 million. The strategy acquires venture capital interests and stakes in privately held, venture-backed companies, providing liquidity to existing investors in a market where delayed initial public offerings and acquisitions have extended holding periods.

RSIC also committed $100 million to Alpine Investors Heroes I. San Francisco-based Alpine targets software, services and other mission-critical businesses undergoing leadership transitions or pursuing acquisition-led growth.

The pension’s private equity portfolio held approximately $7.7 billion before the new commitments and returned 10.7% in fiscal 2026.

In real assets, RSIC allocated $150 million to Abacus Multi-Family Partners VII. The fund targets the acquisition, development, repositioning and management of apartment properties in selected U.S. markets.

The real assets portfolio returned 3.13% for the fiscal year, with real estate weighing on performance. The asset class accounts for slightly more than 10% of system assets, below its 12% policy allocation.

The commitments follow $575 million awarded to private equity and credit managers earlier in 2026.

South Carolina also invested an undisclosed amount in Jefferies Credit Partners’ inaugural European direct-lending fund. That vehicle is part of a strategy expected to have nearly $4 billion of lending capacity, including prospective partnership accounts and balance sheet capital.