Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $72.47 billion
Allocation to alternatives: 33.2%
Pennsylvania Public School Employees’ Retirement System has approved a $100 million commitment to Hg Saturn 3, according to materials from a March 2022 investment meeting.
Hg is a London-based private equity investment firm targeting technology buyouts, primarily in Europe and the US. It launched Saturn 3 in October 2021 with a fundraising target of $8.5 billion and will seek investment opportunities in the UK. Its predecessor, Hg Saturn 2, held a final close in September 2020 on $4.85 billion, oversubscribed to its $3.5 billion target.
PSERS allocates $12.39 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 buyout vehicles that invest largely in North America.
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