Trustees of SERS, which lost over $3 billion in the third quarter, have broken with its usual monthly practice and failed to approve "follow-on" investments in alternative-asset funds, citing the weak economy. "There were some private equity/venture capital investments on the agenda for consideration, but action on them was tabled due to the uncertain economy," said spokesman Robert Gentzel in a brief statement.
The failure to act marks a pause, at least, in SERS's ten-year commitment to private equity and other "alternative investments," which managers hoped would protect them from falling stock and bond values. Investors who left empty-handed include TL Ventures of Wayne, and Hellman & Friedman Capital Partners, Lime Rock Resources, Novitas Capital.
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