Board approves $720M commitment to Pathway Capital Management's new private equity fund

The Mississippi Public Employees Retirement System (PERS) Board of Trustees made significant strides during their meeting on February 26, 2025, by approving a substantial investment and addressing key operational matters. The board unanimously agreed to continue its partnership with Pathway Capital Management, committing $720 million to a new private equity fund series. This decision is expected to enhance the fund's investment portfolio and potentially yield higher returns for retirees.

In addition to the investment decision, the board also approved a recommendation from the Disability Appeals Committee regarding a specific case, ensuring that necessary support continues for eligible members. This reflects the board's commitment to addressing the needs of its members and maintaining the integrity of the retirement system.

The meeting also included updates on retiree benefits, with the monthly payroll reported at over $214 million. This figure highlights the ongoing financial obligations of the system and the importance of effective fund management. The board discussed the impact of recent cash outflows, particularly due to a lump sum cost-of-living adjustment (COLA) payment made in December, which totaled approximately $885 million.

Furthermore, the board reviewed the investment report, which included details on fund transfers and the securities lending program. Both the retiree and investment reports were approved without opposition, indicating a consensus on the board's direction and financial strategies.

As the board prepares for its next meeting scheduled for April, members were reminded of the upcoming deadline for economic interest disclosures, due by May 1. This reminder underscores the board's commitment to transparency and accountability in its operations.

Overall, the decisions made during this meeting are poised to strengthen the financial health of the PERS and ensure continued support for Mississippi's public employees and retirees.