The $50.8B South Carolina Retirement System Investment Commission (RSIC) steered more than $600M in new private equity commitments between June and September, continuing to expand its exposure across the asset class.
RSIC unveiled its latest delegated commitments during a recent board meeting. The allocations reflect the RSIC’s ongoing emphasis on private equity, with an increased focus on targeting more co-investments and mid-market buyouts to drive long-term returns. The investments span consumer, financial, healthcare, and technology — including artificial intelligence machine learning — sectors.
RSIC’s largest commitment during the period was a $125M allocation to growth equity and expansion fund General Atlantic Investment Partners 2025, alongside a $75M co-investment sleeve. The fund focuses on sectors such as technology, health care and sustainable infrastructure. The pension fund also approved $100M for Great Hill Equity Partners IX, a middle-market growth buyout fund focused on software, financial services, consumer, and business sectors.
Additional allocations included $75M to Greenoaks VI, a growth-stage venture capital fund focused on tech-enabled solutions companies; $50M to Plexus Equity Fund II, a lower-middle-market buyout fund focused on manufacturing and healthcare sectors; and $50M to Regal HCP IV, a growth fund that focuses on healthcare services.
The commitments signal RSIC is continuing its strategy of building relationships with experienced U.S. growth and buyout managers.
Within Europe, RSIC committed €70M to Cinven Strategic Fund II, as well as €45M to Hg Mercury 5 and €70M to Hg Genesis 6, both also focused on software and technology-enabled buyouts.
RSIC’s latest commitments underscore its focus on private equity as a critical return driver. During interim chief investment officer, Bryan Moore’s board update, he highlighted that manager selection, rather than asset class weighting, has been the primary source of outperformance in the portfolio.
The RSIC, which manages retirement assets for South Carolina’s more than 600,000 plan participants and beneficiaries, has steadily grown its private equity program in recent years. Indeed, Moore, highlighted the pension fund’s strong private equity performance, with a 66-basis-point selection effect above the private equity index. He attributed the performance to RSIC’s strategic shift toward co-investments and smaller buyouts, along with a robust sourcing pipeline.
“The 66 basis points is really a reflection of our team’s ability to find those most attractive opportunities,” he added.
