The investment board of Pennsylvania’s State Employees’ Retirement System (SERS) increased its allocation to several private equity funds with $109.5 million in additional capital.
The pension fund’s alternative investments program has a market value of $2.4 billion, for 11.7% of its total fund, according to SERS’ last asset allocation report. SERS has commitments to 102 buyout funds and 84 venture capital funds.
This month, the trustees approved an additional $35 million to Cerberus Capital Management’s Cerberus Institutional Partners Series Two, bringing its total commitment to the fund to $70 million.
SERS previously committed $35 million to the fund and has had $22.75 million called down as of SERS’ most recent reporting. SERS also invested $35 million in the first Cerberus Institutional Partners fund.
SERS will invest up to $12.5 million in Charles River Ventures’ Charles River Partnership XII. It already has $11 million invested with the firm and has had $3.5 million called down.
The pension will invest $12 million in Draper Triangle Ventures for a total of $32 million in committed capital. SERS has already committed $20 million to the venture firm, of which $11.5 million has been drawn down.
SERS committed an additional $25 million for LLR Partners’ LLR Equity Partners fund for a total of $50 million committed to the fund. SERS previously committed $25 million and has had $12.5 million called down.
And SERS pledged another $25 million to Three Arch Partners’ Three Arch Partners IV, for a total of $45 million committed. SERS committed $25 million previously and has seen $6.4 million drawn down.
SERS manages approximately $22.1 billion and its portfolio includes New Enterprise Associates, Summit Partner, Blackstone Capital Partners, Lexington Partners, HarbourVest Partners and Apax Partners & Cie.
SERS’ counterpart, Pennsylvania Public School Employees’ Retirement System, manages approximately $40 billion and has invested in Franklin Venture Capital, Spectrum Equity Investors, Heritage Partners, Madison Dearborn Partners and Landmark Partners.
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