Web Search powered by YAHOO! SEARCH
share
email
print
font size
options
 
Wednesday, December 3, 2008
PA retirement system balks at more $ for private equity

 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.

Posted by Joseph N. DiStefano @ 4:46 PM  Permalink | Post a comment
Comments   
0 comments
About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column, which is printed in the business pages of The Philadelphia Inquirer every Sunday, Tuesday, Wednesday, Thursday and Friday. Joe has worked at the Inquirer, mostly, since 1988. He has also written for Bloomberg and Gannett, authored the book Comcasted, majored in economics at Penn, and fathered six children. Reach Joe at 215-854-5194 and JoeD@phillynews.com

Advertise Here