LP profile · Pension fund
Pennsylvania State Employees' Retirement System
Pennsylvania State Employees' Retirement System is a pension fund headquartered in United States (North America). Ranked #56 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
Historical Background
- The Pennsylvania State Employees' Retirement System (SERS) was established on March 13, 1923, making it one of the nation's oldest and largest retirement plans for public employees.
- It was created to manage a public pension system providing retirement, disability, and survivor benefits for employees of the Commonwealth of Pennsylvania.
Source of Capital
- SERS is a defined-benefit public pension fund.
- Its capital is sourced from contributions made by state employees and the Commonwealth of Pennsylvania, supplemented by the returns generated from its investment portfolio.
Major Events
- In late 2015, the SERS board engaged an advisory firm to conduct a comprehensive review of its governance structure and policies to identify areas for improvement.
Allocation Strategy
- The fund invests across a diversified range of asset classes including public equities (U.S. and international), fixed income, and alternatives.
- The alternative investment portfolio includes real estate, private equity, and private credit. In June 2024, the board committed up to $100 million to a fund focused on digital infrastructure, which is part of its real estate portfolio.
- As of the end of 2023, the fund's policy targets for asset allocation were: 32% in U.S. Equity, 23% in International Equity, 15% in Private Equity, 12% in Real Estate, 10% in Private Credit, and 8% in Fixed Income.
Sources
- http://www.sers.pa.gov/
- https://en.wikipedia.org/wiki/Pennsylvania_State_Employees'_Retirement_System
- https://www.nirsonline.org/wp-content/uploads/2017/11/pennsylvania.pdf
- http://www.repgrove.com/Display/SiteFiles/418/StateGovernmentCommittee/2021/SERS+Main+Presentation.pdf
- https://sers.pa.gov/pdf/Investments/SummaryHoldingReport_4Q_2023.pdf
- https://www.ai-cio.com/news/penn-sers-adjusts-asset-allocation-targets-makes-new-commitments/
- http://sers.pa.gov/Investments.html