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Penn SERS committed $75m to latest PSG fund

The Us public pension has backed private growth equity vehicle.

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Name:  Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $33.8 billion
Allocation to private equity: 5.06%

The board of the Pennsylvania State Employees’ Retirement System (Penn SERS) approved a $75 million investment in PSG VI‘s private equity asset class.

Treasury inflation-protected securities and fixed-income investments held by Penn SERS contributed to the portfolio’s decline, losing 12.99% and 12.34% for the year and 5.06% for its private equity portfolio in 2022, respectively.

PSG is a Boston-based firm that works with growth-stage software companies throughout North America and Europe. The pension fund has made various investments in PSG funds, most recently up to $50 million in PSG V in 2021.

Penn SERS often makes commitments to private equity funds focused on North America across TMT sectors and diverse strategies, as illustrated below.

Platinum subscribers may click here for the investor’s full profile, including key contacts, allocation strategy and fund investments.