Institution: Pennsylvania State Employees’ Retirement System
Headquarters: Harrisburg, United States
AUM: $38 billion
Allocation to alternatives: 26.8%
Pennsylvania State Employees’ Retirement System has approved $125 million-worth of commitments across two distressed debt vehicles, according to the pension’s latest board meeting notes.
The commitments comprise $75 million to Clearlake Opportunities Partners III and $50 million to Sixth Street Structured Credit Opportunities Fund V.
Penn SERS has a target allocation of 4 percent for its private credit investments, which currently stands at 5 percent. The private credit portfolio is broken down into three sub-asset class strategies: diversified credit, direct lending and distressed debt. The commitment to Clearlake Capital Group was from the diversified credit strategy, Sixth Street‘s from the distressed debt portion.
Illustrated below is the $38 billion pension’s full investment portfolio, private credit sub-strategy breakdown and recent fund commitments.
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