Institution: Pennsylvania Public School Employees’ Retirement System
Headquarters: Harrisburg, US
AUM: $73.32 billion
Allocation to alternatives: 32.1%
Pennsylvania Public School Employees’ Retirement System has confirmed $200 million in commitments across two private equity vehicles, a contact at the $73.32 billion public pension informed Buyouts.
$100 million apiece was committed to Oak HC/FT Partners V and Clearlake Opportunities Partners III.
Oak HC/FT is a Connecticut-based venture capital firm focused on investments in healthcare and fintech companies in the US. The firm launched Fund V in April 2022 after the successful final closing of Fund IV, for which it raised $1.4 billion in investor capital against a target of $1.1 billion.
Founded in 2006, Clearlake Capital Group is an investment firm that targets investment in the technology, industrials and consumer sectors. Clearlake launched Clearlake Opportunities Partners III in 2021 with a $1.5 billion target size. For the previous fund in the series, Clearlake had raised $1.4 billion against a $1 billion target by the time of a final close in June 2019.
PSERS currently allocates 15.9 percent of its investment portfolio to private equity, comprising $11.66 billion in capital.
As illustrated below, the pension’s recent private equity commitments have been focused on buyout and venture vehicles that invest across North America.
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