PSERS backs TDR with €95m commitment

The US pension has backed TDR Capital's fifth buyout vehicle.

  • Name: Pennsylvania Public School Employees’ Retirement System
  • HQ: Harrisburg, US
  • AUM: $44.4bn
  • Allocation to alternatives: 60%

Pennsylvania Public School Employees’ Retirement System has confirmed a €95 million ($101.6 million; £80 million) commitment to TDR Capital V, according to materials from their latest investment committee meeting.

Founded by Manjit Dale and Stephen Robertson in 2002, TDR Capital is a mid-market private equity buyout firm headquartered in London with administrative offices in Jersey and Luxembourg. TDR has raised four funds, all employing the same investment strategy, and has cumulatively invested approximately €10.6 billion in capital across 23 platform portfolio companies since inception.

This commitment would represent PSERS’ first investment with TDR Capital, an example of the dominant exposure which Buyout investment maintains in PSERS’ private equity portfolio.

TDR Capital launched their fifth fund in September 2021, seeking €4 billion in investor capital. The previous fund in the series had received €3.52 billion in commitments, oversubscribed to its €2.5 billion target.

PSERS currently allocates 15.9 percent of its investment portfolio to private equity, comprising of $12.1 billion in capital. The $76 billion public pension has a target allocation of 12 percent to the asset class.

As illustrated below, PSERS’ recent private equity commitments have tended to focus on North American vehicles with a variety of sectors and strategies.

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