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Pennsylvania commits $50 mln to Francisco Partners

  • Pension commits $50 mln to Fund IV
  • Target for Fund IV is $2 bln
  • Pennsylvania is an LP in Francisco I, II and III

The Pennsylvania State Employees’ Retirement System committed up to $50 million to Francisco Partners IV at its Jan. 21 meeting, according to a statement.

Francisco Partners set a $2 billion target for its fourth flagship fund, according to a Nov. 10 SEC filing. The San Francisco- and London-based private equity firm invests in technology companies in North America, Europe and Israel, according to the statement.

Pennsylvania SERS committed a total of $100 million across the firm’s three previous flagship funds, according to retirement system documents.

Francisco Partners II, a $2.3 billion 2006 vintage, netted a 13 percent IRR and 1.69x return multiple as of Sept. 30, according to the Oregon Public Employees Retirement Fund. Fund III, which raised $2 billion in 2011, netted 1.33x as of the same date. Oregon did not publish Fund III’s IRR.

Pennsylvania’s $27.3 billion retirement system held a 12.3 percent allocation to private equity as of Sept. 30, according to retirement system documents. The private equity portfolio is valued at $3.4 billion.