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.