The Pennsylvania State Employees’ Retirement System has replaced two firms that had advised it in buying private stock, bond, hedge fund, and venture capital investment since the 1990s, the Philadelphia Inquirer reported.

SERS members, most of whom are appointees of Gov. Tom Corbett and General Assembly leaders, hired RV Kuhns & Associates Inc. as the funds’ general investment consultant, and StepStone Group LLC as alternative investment consultant.

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