PSERS approves $300m in commitments

The US public pension has backed North America-focused private equity funds.

Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $55.02bn
Allocation to alternatives: 25.70%
Bitesize: $50-100m

Pennsylvania Public School Employees’ Retirement System (PSERS) has agreed to commit $150 million to Summit Partners Growth Equity Fund X, $75 million to Sante Health Ventures III, and $75 million to Sante Health Venture IV according to its January Board meeting minutes. Summit Partners’ previous investment vehicles in this series have focused primarily on growth companies.

The $55.02 billion US public pension has a 16 percent target allocation to private equity which currently stands at 12.5 percent.

As illustrated in the charts below, PSERS made eight commitments to private equity funds in 2018 and 2019 which combined constitute $1.17 billion. Strategies for these funds differ amongst buyout, venture capital and growth equity.

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