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PERS private equity program posts long‑term gains; managers cite co‑investments and secondaries
Summary
PERS staff and managers told the Investment Committee the private equity program remains a top performer with long‑term net IRRs in the mid‑teens and a 1.7x–2.0x total value to paid‑in capital; managers emphasized co‑investments, secondaries and middle‑market focus amid subdued deal activity.
Jason Clark and Callan staff introduced presentations from Grosvenor Capital Management and Pathway Capital on Mississippi PERS’s private equity program and recent activity.
Jason Clark said private equity represents 10 percent of the pension fund’s target allocation and currently sits about 11.4 percent of assets; the program uses two fund‑of‑one managers and nine fund series dating back to 2008. "On a net internal rate of return basis we are at roughly the mid‑teens and about a 1.7x to 2.0x multiple life‑to‑date," Jason Clark said during introductions.
Grosvenor representatives (Tom Rest, Lee Brashear and Mark Roman) reviewed firm capacity and a case study on an investment that materially increased cash flows…
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