PS
LP profile
Pennsylvania State Employees' Retirement System
Pension fund · Founded 1923 · Harrisburg, United States
198
VC firms backed
$42B
AUM
~$420M
Allocated to VC (est. 1%)
01 · Background
Who Pennsylvania State Employees' Retirement System is.
- 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.
02 · Fund commitments
The funds Pennsylvania State Employees' Retirement System backs.
Pennsylvania State Employees' Retirement System is a limited partner in 198 funds. 20 of them place in the Power Law Investor Ranking; those lead, best-ranked first.
Accel
#4 Power Law
Lightspeed Venture Partners
#7 Power Law
New Enterprise Associates
#8 Power Law
Insight Partners
#23 Power Law
CRV
#49 Power Law
Atlas Venture
#53 Power Law
Battery Ventures
#54 Power Law
TCV
#67 Power Law
Meritech Capital
#107 Power Law
Threshold Ventures
#115 Power Law
TPG
#158 Power Law
Summit Partners
#168 Power Law
Abingworth
Activum SG
ADV Partners
Apax Partners
Ardian
Audax Private Equity
Baring Vostok Capital Partners
BC Partners
Bridgepoint
Capvis
Carlyle Cardinal Ireland - CCI
Charterhouse Capital Partners
Chequers Capital
CID Group
CIT Group
Colony Yangtze (Shanghai) Investment Management Consulting Co.,Ltd
Evergreen Venture Partners
Excelsior Capital Asia
Hahn & Co
Pitango Venture Capital
Primavera Capital Group
RRJ Capital
03 · Allocation
How Pennsylvania State Employees' Retirement System’s fund book is spread.
The 198 funds Pennsylvania State Employees' Retirement System backs, by where the manager is headquartered and how many funds that manager has raised.
Where those managers are based
By fund headquarters.
- North America 16382%
- Europe 2513%
- Rest of world 105%
United States 163 · United Kingdom 13 · France 3 · Hong Kong 3
How established those managers are
Managers grouped by how many funds they have raised — across the 123 of 198 with a fund history on record.
Emerging funds · 37
Established funds · 86
21
1
8
2
8
3
11
4
22
5-6
19
7-9
17
10-14
17
15+
Funds raised by the manager
04 · Other LPs
Other LPs.
Other pension funds in the Power Law LP ranking, closest to Pennsylvania State Employees' Retirement System by combined power-law score — North America first, then the nearest worldwide.
🇺🇸
Nevada Public Employees Retirement System
$53B AUM
61 VC funds backed
🇺🇸
LACERA
$73B AUM
131 VC funds backed
🇺🇸
Orange County Employees' Retirement System
$23B AUM
96 VC funds backed
🇺🇸
Washington State Investment Board
$190B AUM
99 VC funds backed
🇺🇸
New York State Common Retirement Fund
$298B AUM
120 VC funds backed
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New Mexico State Investment Council
$35B AUM
135 VC funds backed
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IMRF
$57B AUM
109 VC funds backed
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LACERS
$22B AUM
112 VC funds backed