Pennsylvania State Employees’ Retirement System approves $225m in commitments

The US public pension has backed three private equity funds.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $26.89bn
Allocation to alternatives: 22.0%
Bitesize: $50-100m

Pennsylvania State Employees’ Retirement System has approved commitments of up to $75 million each to Primavera Capital Fund III, Providence Strategic Growth IV and Clearlake Opportunities Partners II, a contact at the pension fund informed Private Equity International.

Primavera Capital Group’s Capital Fund III focuses on growth equity investments in Greater China, Providence Equity Partners Strategic Growth IV targets growth equity investments in lower-to-middle-market technology companies in North America and Europe, whereas Clearlake Capital Group’s Opportunities Partners II is investing in structured equity, distressed equity, and opportunistic credit investments in North American middle-market companies.

The $26.89 billion US public pension has a 16.0 percent target allocation to private equity that currently stands at 14.50 percent.

As illustrated in the charts below, Pennsylvania State Employees’ Retirement System has made several commitments focused on private equity with a vintage year of 2018 and 2019, which combined constitute $1 billion.

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