PA PSERS Sells $822M in PE Funds, Invests $250M in Infra, Changes Target Allocations

The Pennsylvania Public School Employees' Retirement System (PSERS) has sold its investments in 13 private equity funds in the secondary market, made a new investment commitment into an infrastructure fund, and announced changes to its target allocations.

According to the pension’s recently published 2023-24 audited fiscal year report, PSERS secured $822M in its sale of the 13 private equity funds, which closed on September 30. Following the transaction, CIO Ben Cotton said the sale was “well-priced” and would “facilitate adjustments to exposures within [the pension’s] private markets holdings.” Additionally, the PSERS board of trustees committed up to $250M to Brookfield Infrastructure Structured Solutions fund.

The fund also announced changes to its public equity target allocation, increasing from 30% to 32%, while public commodities and private real estate target weights were decreased by one percentage point each, to 4% and 6%, respectively. The changes are expected to be completed by EOY and will be effective for up to three years.

View the press release here.

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