SCERS commits $40m to Paine Schwartz Food Chain Fund V

The fund, launched in early 2018, has a $1.2bn target and invests in the food and agribusiness industry. It has 2% in cash GP commitments, 20% carried interest and the preferred return is 8%. The management fee is 2% of commitments during the commitment period, and 2% of net invested capital thereafter.

Paine Schwartz Food Chain Fund V has a 10-year lifecycle, and its investment period is five years. Two more LPs have already backed the fund, including a $150m commitment from Minnesota State Board of Investment, and $50m from Rhode Island State Treasury.

The California-based scheme has currently allocated 9.2% of its portfolio to private equity as of June 2018, and its target allocation is 9%.

The scheme has also recently committed to Marlin Equity V,  Marlin Heritage Europe Fund, Dyal Capital Partners III and Summit Partners Venture Capital Fund IV.

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• LPs
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• United States