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Pennsylvania school pension schemes loses four from PE team

The Pennsylvania Public School Employees’ Retirement System, one of the biggest US public pension schemes, has lost most of its private equity team after the fund made changes that hindered the group’s ability ton make allocations to the asset class, according to a report by Bloomberg.

The report cites people with knowledge of the matter as confirming that four member of the PE team are either retiring or have accepted new job offers.

According to Bloomberg’s sources, Director of Private Equity and Co-Investments, Darren Foreman, is retiring at the end of January, while Patrick Knapp, Tony Meadows and Philip VanGraafeiland are all now pursuing new opportunities away from the pension fund.

The pensions scheme had about $76bn of assets as of 30 September, with private equity accounting for about $12bn of its investment portfolio as of 31 March.

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