Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $72.5 billion
Allocation to alternatives: 33.2%
Pennsylvania Public School Employees’ Retirement System has approved a $100 million commitment to Clearlake Capital Partners Fund VII, according to materials from a January 2022 investment meeting.
Clearlake Capital Group launched their seventh-series private equity vehicle in August 2021 with a $10 billion target size and a $13.75 billion hard-cap. Clearlake is raising their seventh fund to invest in small and medium sized companies primarily in the industrials, technology and consumer industries.
PSERS has previously committed $561 million across five funds and five co-investments sponsored by Clearlake. As of 30 June 2021, Clearlake represented $748 million of PSERS’ total exposure.
PSERS currently allocates $12.4 billion to private equity investments, comprising 17.1 percent of its total investment portfolio. The public pension has a target allocation to private equity of 12 percent.
As illustrated below, PSERS’ recent private equity commitments have focused on growth and buyout vehicles that invest largely in North America.
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