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Penn SERS approves $125m commitment

The US public pension has backed Hellman & Friedman's latest buyout offering, which is also the largest private equity fund currently in market.

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Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $34.5 billion
Allocation to alternatives: 22.2 percent

Pennsylvania State Employees’ Retirement System confirmed a $125 million commitment to Hellman & Friedman Capital Partners X at its February 2021 board meeting, according to publicly disclosed meeting minutes.

Hellman & Friedman‘s 10th flagship buyout fund is in market seeking $20 billion. Its immediate predecessor held a final close at $16 billion in 2018.

Penn SERS also confirmed at its February 2021 board meeting that its private equity investment consultant StepStone Group had agreed to an 18-month extension to its contract.

The $34.5 billion US public pension has a 16 percent target allocation to private equity which stood at 13.3 percent as of 30 September 2020, the most recently available asset allocation data.

As illustrated below, Penn SERS’ recent private equity commitments have tended to target North America-focused as well as global buyout vehicles.

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