PSERS Invests $315M in PC, RE Funds, Welcomes New Board Member

The Pennsylvania Public School Employees’ Retirement System (PSERS) approved a total of $315M in commitments to two funds, also announcing the addition of a board member and the departure of the trustee chairing its investment committee. 

The state pension said it recently awarded $165M to private credit fund Sixth Street Specialty Lending Europe III, and $150M to private real estate vehicle WCP NewCold III. As of September 30, the pension’s private credit composite accounts for 7.6% of the total portfolio, while private real estate, under private real assets, holds a 7.2% current weight.  

PSERS also appointed Interim Acting Secretary of Education Angela Fitterer as a board member. The appointment was disclosed simultaneously to the announcement of trustee Jason Davis’ departure from the pension effective January 1, 2025. Davis, who chaired the pension’s investment committee, will be replaced via a special election PSERS plans for early in the new year. The new trustee will serve out the remainder of Davis’ unexpired term until December 31, 2025, plus another three-year term. 

Per its quarterly investment report, as of September 30, PSERS saw 4.66% in net market returns for the quarter and fiscal year, and 9.36% for the calendar year. In total, the pension oversees a total of $78.6B in plan assets.