Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $64.37 billion
Allocation to alternatives: 20.6%
Pennsylvania Public School Employees’ Retirement System has approved $350 million-worth of commitments to two funds at its August 2021 board meeting, a contact at the pension informed affiliate title Private Equity International.
The commitments comprised of $200 million to Insight Partners XII, alongside $150 million to Summit Partners Growth Equity Fund XI.
Insight Partners Fund XII launched in February 2021, seeking $12 billion in investor capital. Summit Partners launched its 11th series growth equity fund in July 2021, seeking $7 billion in investor capital.
With a target of 15 percent, PSERS currently allocates 13 percent of its total investment portfolio to private equity, which encompasses $8.37 billion in value.
As illustrated below, PSERS’ recent private equity commitments have tended to focus on global growth equity vehicles that specialize in the TMT sector.