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PA SERS backs Clearlake, Insight funds

Pennsylvania State Employees’ Retirement System has an existing relationship with both Clearlake Capital and Insight Partners

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private equity, Pennsylvania, World's End State Park

Pennsylvania State Employees’ Retirement System (PA SERS) committed up to $150 million to private equity funds at its December meeting, according to its website.

The system invested $75 million with Clearlake Capital Partners’ sixth fund, targeting $5 billion on a $7 billion hard cap, according to Buyouts. The company invests in the software, tech-enabled, consumer, energy and industrial sectors.

Clearlake Capital Partners VI could close with more than $5 billion in December, Buyouts previously reported. Its fifth fund closed with more than $3.6 billion last year.

Last month, Illinois Municipal Retirement Fund also pledged $75 million to Fund VI, Buyouts reported.

PA SERS also committed $75 million to Insight Partners’ Fund XI. Fund XI is targeting $7.25 billion, according to sister site Private Equity International to invest between $10 million and $150 million and make between 65 and 75 investments, Buyouts reported.

Washington State Investment Board committed $200 million to Insight Partners XI at its Nov. 22 meeting, according to Buyouts.

“In both cases, the commitments are follow-on opportunities with existing general partners that have evidenced strong returns in previous investments on behalf of SERS,” according to a press release.

Pennsylvania committed $75 million to Clearlake Opportunities Partners II, in February. The fund focuses on structured and distressed equity; and opportunistic credit investments for North American middle-market businesses, Buyouts reported.

The system committed to Insight Partners IX in 2014, which targeted software and internet companies. The fund closed in 2015 with $4.75 billion, according to the Insight website.

Private equity brought in a 0.97 percent return for the third quarter for PA SERS and year-to-date investment return of 7.16 percent as of Sept. 30, its website shows.

According to its pacing plan, the $29.6 billion system set its annual pacing target at $650 million in new PE commitments to hit its 16 percent target allocation.