Penn SERS approves €50m commitment

The US public pension has backed CVC Capital Partners' eighth flagship buyout fund.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $30.89bn
Allocation to alternatives: 19.72%
Bitesize: $50-100m

Pennsylvania State Employees’ Retirement System has confirmed a €50 million ($54 million) commitment to CVC Capital Partners VIII, according to a release on the pension’s website following its April 2020 board meeting.

CVC’s mega buyout fund is targeting €18 billion in what will be Europe’s largest ever private equity fund should it successfully reach its target.

The $30.89 billion US public pension has a 16.0 percent target allocation to private equity that stands at 12.80 percent as of December 2019.

As illustrated below, Penn SERS has made five commitments to private 2020-vintage private equity vehicles, which combined constitute $579 million.

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