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PERS board approves manager searches and $150M commitments to four infrastructure managers
Summary
The Public Employees Retirement System of Mississippi board approved an investment committee plan to search for a value‑add real estate manager (up to $200 million), replace an international growth equity manager with MFS, and commit $150 million each to four infrastructure managers.
The Public Employees Retirement System of Mississippi board on Dec. 15 approved several investment actions recommended by its investment committee, including a search for a value‑add real estate manager, a change in international growth equity managers, and four capital commitments to infrastructure managers.
Doctor McCall, reporting for the investment committee, said the system’s unaudited year‑to‑date return was 7.34% as of Dec. 15 and that PERS held approximately $38,000,000,000 in assets. “We should have a good report at June,” Doctor McCall said, summarizing the committee’s market update.
The board approved staff’s search profile for a value‑add real estate manager that would allocate no more than $200,000,000 and be staffed by one or two managers, a step the committee said is intended to diversify the manager lineup.
The board also approved the committee’s recommendation to replace Bailey Gifford in the international growth equity sleeve with MFS International Growth Equity. Doctor McCall presented the recommendation after the committee heard from prospective managers and voted to accept staff’s suggestion.
Separately, the board approved commitments of $150,000,000 each to four infrastructure money managers recommended by staff: Blackstone Infrastructure Partners, Brookfield Supercorp Infrastructure Partners, EQT ActiveCore Infrastructure II and JPMorgan Global Transport Income Fund. Doctor McCall said those commitments follow a 2021 asset‑liability study and a 2022 legislative change that expanded an allocation ceiling (the “basket clause”) from 10% to 20%, which enabled an increased infrastructure allocation currently representing about $750,000,000 of PERS investments.
The investment committee also heard presentations from SIT Investment Associates, two private‑credit managers (GCM/Grozner and Blue Owl) and from Callan, the committee’s market consultant, and reported no action was required on those manager updates.
The board voted on each motion by voice; the chair announced the motions carried.
