Penn SERS approved $400m in new commitments

The Harrisburg pension fund commences 2020 by approving $400m across funds managed by Francisco Partners and Thoma Bravo.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $39.9 billion
Allocation to alternatives: 26.8%

Pennsylvania State Employees’ Retirement System has approved $400 million in commitments across two investment managers – Francisco Partners and Thoma Bravo – according to the recent press release issued by the pension fund.

The commitments comprise $100 million to Francisco Partners VII, $50 million to Francisco Partners Agility III and $50 million to a sidecar vehicle that will co-invest alongside the seventh fund and/or the third agility fund. Similarly, the pension system approved $100 million to Thoma Bravo XV, $50 million to Thoma Bravo Discover Fund IV and $50 million to a sidecar vehicle that will accompany either of those funds.

Also in the press release, the Penn SERS outlined their private equity portfolio performance figures, which earned a 52.83 percent return for the calendar year, and 6.71 percent just in the last quarter of 2021.

The $39.9 billion pension system has a target allocation of 12 percent to private equity, which currently stands at 14.7 percent.

Illustrated below are the Penn SERS’ recent fund commitments and the full investment portfolio.

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