Penn SERS confirms $50m commitment

The US public pension has backed PSG's fifth TMT growth vehicle.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $34.5 billion
Allocation to alternatives: 22.2%

Pennsylvania State Employees’ Retirement System confirmed a commitment of $50 million to Providence Strategic Growth V following its April 2021 investment board meeting, according to a press release issued on the pension’s website.

PSG‘s fifth fund is in market raising $4 billion of capital commitments, targeting software and tech-enabled service companies. The immediate predecessor held a final close at $2 billion in September 2019.

The $34.5 billion US public pension committed $64 million to PSG’s European Growth fund in December 2020. Prior to that, the pension committed $75 million each to Growth IV and III of the fund series.

Penn SERS has a 16 percent target allocation to private equity which currently stands at 13.3 percent.

As illustrated below, Penn SERS’ recent fund commitments have tended to target venture capital, growth equity and buyout vehicles across Europe and North America.

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