PA SERS approves $550m in commitments

The US public pension has backed four private debt funds.

Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $26.80bn
Allocation to alternatives: 22.12%
Bitesize: $50-100m

Pennsylvania State Employees’ Retirement System (PA SERS) has approved commitments totalling $550 million, a contact at the pension informed Private Debt Investor. The commitments are comprised of $330 million to Ares PA Opportunities Fund, up to $70 million to Ares Special Opportunities Fund, up to €67 million ($75 million) to ICG Europe Mid-Market Fund and up to $75 million to Permira Credit Solutions IV.

The $26.89 billion US public pension has a 0.40 percent current allocation to private debt.

As illustrated in the charts below, PA SERS has made nine commitments to private debt funds with a 2018 or 2019 vintage, which combined constitute $979 million.

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