Pennsylvania Public School Employees’ Retirement System

Roster of Investment Managers, Advisors, Partnerships, and Consultants As of September 30, 2011 List of PSERS’ Internally Managed Investment Portfolios

• S&P 400 Index • U.S. Core Plus Fixed Income • S&P 500 Index • Treasury Inflation Protection Securities • S&P 600 Index • LIBOR-Plus Short-Term • MSCI All Country World Index Investment Pool ex. US • Short-Term Investment Pool • MSCI World ex. US Small Cap Index List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Absolute Return Managers • Absolute Return Managers – AQR Capital Management, LLC – Capula Investment – BlackRock Financial Management, LLP Management, Inc. – Caspian Capital Advisors – The Boston Company Asset – FX Concepts Management, LLC – Asset Management, – Brevan Howard Asset LLC Management, LLP – Nephila Capital Ltd. – Bridgewater Associates, Inc. – Pacific Investment Management – Brigade Capital Management Company – Pareto Investment Management, Ltd. – Robeco Investment Management, Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• U.S. Style-Oriented Small • U.S. Micro Cap Equity Cap Equity Managers Managers – First Pacific Advisors, LLC – NorthPointe Capital List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Publicly-Traded Real Estate • Non-U.S. Large Cap Securities Advisors Equity Managers – Security Capital Research & – Baillie Gifford Overseas Management, Inc. Ltd. – BlackRock Financial Management, Inc. – Marathon Asset Management Limited List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Non-U.S. Small Cap Equity • Emerging Markets Equity Managers Managers – Acadian Asset Management – Batterymarch Financial – Batterymarch Financial Management, Inc. Management, Inc. – Wasatch Advisors, Inc. – Oberweis Asset – Wellington Management Management, Inc. Company, LLP – Pyramis Global Advisors – Wasatch Advisors, Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Enhanced Commodity • Full Discretion Commodity Index Managers Managers – Asset – DB Advisors Management, LLC – Schroder Investment – NB Alternative Fund Management North America Management, LLC – Wellington Management Company, LLP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• U.S. Core Plus Fixed • U.S. High Yield Fixed Income Managers Income Manager – BlackRock Financial – MacKay-Shields Management, Inc. Financial Corporation – Pacific Investment Management Company – Western Asset Management Company List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Global Core Plus Fixed • Emerging Markets Debt Income Managers Managers – Aberdeen Asset – Franklin Templeton Management PLC Investments – Fischer Francis Trees & – Stone Harbor Investment Watts, Inc. Partners, LP – Rogge Global Partners • Global TIPS Manager – Bridgewater Associates, Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Active Currency Hedging • Short-Term Investment Overlay Program Manager – Pareto Investment – Bridgewater Associates, Management, Ltd. Inc. • LIBOR-Plus Short-Term Investment Manager – BlackRock Financial Management, Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Credit Opportunities • Credit Opportunities Managers Managers (cont.) – BlackRock Financial – Oaktree Capital Management, Inc. Management, LP – Brookfield Investment – Sankaty Advisors, LLC Management, Inc. – LBC Credit Partners – Mariner Investment Group, LLC List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Advisors • Real Estate Advisors (cont.) – Charter Oak Advisors, Inc. – Grosvenor Investment – GF Management, Inc. Management US, Inc. – L&B Realty Advisors List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships – Apollo Europe Real Estate (cont.) Fund III, LP – AREFIN Co-Invest Corp. – Apollo Real Estate Finance – AvalonBay Value Added Corp. Fund I & II, LP – Apollo Value Enhancement – Avenue Real Estate Fund, Fund VII, LP LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships – Beacon Capital Strategic (cont.) Partners V, LP – BPG Investment – Blackstone Real Estate Partnership V & VI, LP Partners V, VI, & VII, LP – BPG/PSERS Co- – Blackstone Real Estate Investment Fund, LP Partners Europe III, LP – Broadway Partners Real Estate Fund II & III, LP – Cabot Industrial Value Fund III, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – Carlyle Europe Real Estate – Cornerstone Patriot Fund, Partners III-A, LP LP – Carlyle Realty Partners III, – CS Strategic Partners Fund IV, V, & VI, LP IV RE, LP – CSFB Strategic Partners II & III Real Estate, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – DRA Growth and Income – Fillmore West Fund, LP Fund VI & VII, LLC – Five Arrows Realty – DLJ Real Estate Capital Securities V, LP Partners II, III, & IV, LP – Fortress Investment Fund I, IV, & V, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – Hines U.S. Office Value – LCCG Diversified Risk Added Fund, LP CMBS Fund II, LLC – JP Morgan Strategic – LCCG High Yield CMBS Property Fund Fund III, LLC – Lazard Freres Real Estate – LCCG Real Estate Special Investors I & II, LLC Situations Mortgage Fund, – Legg Mason Real Estate LLC Capital I & II, Inc. – LEM Real Estate Mezzanine Fund II, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – Lubert-Adler Real Estate – Int’l. Real Fund II, III, IV, V, VI, & VI-A, Estate Fund IV, V, & VI, LP LP – Morgan Stanley Real Estate – Madison Marquette Fund II, LP Enhancement Fund, LP – Morgan Stanley Real Estate – MGPA Asia Fund III, LP Fund VII Global, LP – MGPA Europe Fund III, LP – Morgan Stanley Real Estate – Morgan Stanley Domestic Fund V US, LP Real Estate Fund IV, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – O’Connor North American – Prime Property Fund, LLC Property Partners I & II, LP –PRISA – Paladin Realty Latin America – ProLogis North American Investors III, LP Industrial Fund, LP – Peabody Global Real Estate – RCG Longview Debt Fund Partners IV, LP – RCG Longview Equity Fund, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Real Estate Partnerships • Real Estate Partnerships (cont.) (cont.) – RREEF America REIT II – Westbrook Real Estate Fund – Silverpeak Legacy Partners I, LP I, II, & III, LP – Whitehall Street V, VI, VII, & – Stockbridge Real Estate VIII Fund I, II, & III, LP – William E. Simon & Sons – Strategic Partners Value Realty Partners, LP Enhancement Fund, LP • Farmland Advisor – UBS (US) Trumbull Property – Prudential Agricultural Group Fund, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• / Private • Venture Capital / Partnerships Equity Partnerships (cont.) – ABS Capital Partners II, LP – Allegheny New Mountain – Actis Emerging Markets 3 Partners, LP – Adams Capital – Apax Europe VII, LP Management, LP – Baring Asia Private Equity – Aisling Capital Partners II & Fund III, IV, & V, LP III, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Blue Point Capital Partners I – Bruckmann, Rosser, Sherrill & II, LP & Company, LP – Bridgepoint Capital II, LP – Capital International Private – Bridgepoint Europe I, II, III, & Equity Fund V, LP IV, LP – Catterton Growth Partners, LP – Catterton Partners V & VI, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Clarity Partners I & II, LP – Credit Suisse Equity – Co-Investment Fund 2000, Partners, LP LP – Credit Suisse Intl. Equity – Co-Investment Fund II, LP Partners, LP – Crestview Partners I & II, LP – Cross Atlantic Technology Fund I & II, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – CSFB Strategic Partners II, – DLJ Merchant Banking III-B, & III-VC, LP Partners III, LP – CS Strategic Partners Fund – DLJ Strategic Partners, LP IV, IV-VC, & V, LP – Dubin Clark Fund II, LP – CVC Capital Partners Asia Pacific III, LP – CVC European Equity Partners V, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Edgewater Private Equity – First Reserve Fund XI & XII, Fund III, LP LP – Edgewater – Franklin Capital Associates Partners, LP III, LP – Evergreen Pacific Partners I – Furman Selz Investors III, LP & II, LP – Graham Partners Investments, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Green Equity Investors II, LP – Headland Private Equity – Greenpark International Fund 6, LP Investors III, LP – Irving Place Capital Partners – Greenwich Street Capital II & III, LP Partners II, LP – Jefferies Capital Partners IV, – Halifax Capital Partners, LP LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Jefferson Partners Fund IV, – KRG Capital Fund II, III, & LP IV, LP – KBL Healthcare Ventures, – Landmark Equity Partners II, LP III, IV, V, XIII, & XIV, LP – KKR 2006 Fund, LP – Landmark Mezzanine Partners List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Lexington Capital Partners I, – LLR Equity Partners I, II, & LP III, LP – Lindsay, Goldberg & – Milestone Partners II & III, Bessemer, LP LP – Morgan Stanley Dean Witter Capital Partners IV, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Navis Asia Fund V, LP – Nordic Capital VII Beta, LP – NEPA Venture Fund II, LP – Novitas Capital I & II, LP – New Mountain Partners I & III, – Orchid Asia V, LP LP – P/A Fund (APA/Fostin II) – New York Life Capital (The) Partners I, II, III, & IV, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – PAI Europe III, IV, & V, LP – Platinum Equity Capital – Palladium Equity Partners II-A, Partners I & II, LP LP – PNC Equity Partners I & II, – Partners Group Secondary LP 2008, LP – Providence Equity Partners – Permira IV, LP VI, LP – Perseus-Soros Bio- – Psilos Group Partners III, LP Pharmaceutical Fund, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – Quadrangle Capital Partners I – StarVest Partners I & II, LP & II, LP – Sterling Capital Partners, LP – Quaker BioVentures I & II, LP – Sterling Venture Partners, – SCP Private Equity Partners I LP & II, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Venture Capital / Private • Venture Capital / Private Equity Partnerships (cont.) Equity Partnerships (cont.) – TDH III, LP – TPG Partners II, V, & VI, LP – Tenaya Capital IV-P & V-P, LP – Trilantic Capital Partners IV, – The Fourth Cinven Fund LP – TL Venture III, LP – U.S. Equity Partners II, LP – Wicks Communications & Media Partners, LP – Willis Stein & Partners, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Private Debt Partnerships • Private Debt – Avenue Asia Special Partnerships (cont.) Situations Fund II, III, & IV, – Cerberus Institutional LP Partners, LP (Series Two, – Avenue Europe Special Series Three, & Series Situations Fund, LP Four) – Avenue Special Situations – Gleacher Mezzanine Fund III, IV, V, & VI, LP Fund I & II List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Private Debt Partnerships • Private Debt (cont.) Partnerships (cont.) – GSC Recovery II & III, LP – OCM Opportunities Fund – GSC Partners CDO VII & VII-B, LP Investors IV, LP – Versa Capital Fund I & II, – Gold Hill Venture Lending, LP LP – Windjammer Senior – New York Life Investment Equity Fund III, LP Management Mezzanine Partners I & II, LP List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Public Market Emerging • Public Market Emerging Investment Managers Investment Managers – AH Lisanti Capital Growth, (cont.) LLC – Harvest Fund Advisors, – Ativo Capital Management, LLC LLC – Hellman, Jordan – Conestoga Capital Advisors Management Company, – Denali Advisors, LLC Inc. –EDMP, Inc. – John Hsu Capital Group, Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Public Market Emerging • Public Market Emerging Investment Managers Investment Managers (cont.) (cont.) – Opus Capital Management – Shah Capital – Piedmont Investment Management, Inc. Advisors – Westwood Global – Pugh Capital Management, Investments, LLC Inc. List of PSERS’ External Investment Managers, Advisors, Partnerships, and Consultants

• Custodian and Securities • General Investment Lending Agent Consultant – The Bank of New York – Wilshire Associates, Inc. Mellon Corporation • Private Markets • Investment Accounting Investment Consultant Application Service – Portfolio Advisors, LLC Provider • Real Estate Investment – Financial Control Systems, Consultant Inc. – Courtland Partners, Ltd. • Proxy Voting Agent • Hedge Fund Consultant – Glass, Lewis & Co., LLC – Aksia, LLC