Pennsylvania Public School Employees' Retirement System

Institutional investor

Harrisburg

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Investment thesis

PSERS is the Public School Employees' Retirement System of the Commonwealth of Pennsylvania, providing pension and retirement benefits to public school employees since 1917. It serves more than 500,000 members and runs an investment program managing the system's retirement assets.

Invests inUnited States

Source: firm website, verified Sep 27, 2026.

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Harrisburg, PA, US

Founded

1917

Fund commitments · as a limited partner · 560

as of Dec 2025

Private-fund positions this organization discloses in its own public filings and reports — $66.3B committed, $23B reported NAV. Returns are this LP's own position, net of fees.

Fund	Manager	Vintage	Committed	NAV	Net IRR	TVPI	DPI
Keystone Legacy Fund	Keystone	2018	$5.5B	$147.7M	5.8%	1.40x	1.37x
Keystone Legacy Non-Core Fund3/	Keystone Legacy	—	$796.1M	—	—	—	1.31x
Park Square -PSERS Credit Opportunities Fund, L.P.	Park Square Capital	2014	$650M	$751.5M	9.9%	1.37x	0.53x
Blackstone Infrastructure Partners L.P.	The Blackstone Group	2018	$500M	$851.7M	16.5%	1.82x	0.37x
Cerberus PSERS Levered Loan Opportunities Fund, L.P.	Cerberus	2015	$500M	$528.6M	11.0%	1.59x	0.56x
Sankaty Credit Opportunities IV	Sankaty	2008	$500M	$500K	11.7%	1.49x	1.49x
CVC European Equity Partners V-A LP	CVC	2008	$478.4M	$10.3M	16.7%	1.99x	1.97x
Dawson Partners (Independence), L.P.	Dawson Partners	2023	$450M	$316.9M	11.4%	1.20x	0.49x
Stockbridge Real Estate Fund	Stockbridge Capital Group	2000	$408.5M	$730.5M	28.2%	2.60x	1.26x
Cerberus Institutional Partners, L.P.(Series Four)	Cerberus	2006	$400M	$1.1M	9.2%	1.85x	1.85x
ISQ Global Infrastructure Fund III	I Squared Capital	2021	$400M	$366M	13.4%	1.25x	0.06x
LBC-P Credit Fund, L.P.	LBC	2016	$400M	$326.1M	10.5%	1.74x	0.70x
Henderson Park Enhanced Income Fund	Henderson Park Enhanced Income	—	$311.1M	—	—	—	0.25x
PSERS YES Holdings, L.P.	PSERS YES Holdings, L.P	2016	$303.3M	$1.2B	26.1%	4.88x	0.83x
BARING ASIA PRIVATE EQUITY FUND IV LP	Baring Private Equity Asia	2007	$300M	—	8.8%	1.61x	1.61x
Blackstone Property Partners	The Blackstone Group	2014	$300M	—	—	—	0.15x
BLACKSTONE REAL ESTATE PARTNERS VIII LP	The Blackstone Group	2015	$300M	$170M	12.1%	1.55x	1.08x
Blue Owl Real Estate Net Lease Property Fund	Blue Owl Capital	2019	$300M	—	—	—	0.40x
Brookfield Global Transition Fund, L.P.	Brookfield Asset Management	2021	$300M	$240.7M	13.8%	1.30x	0.06x
Brookfield Strategic Real Estate Partners IV	Brookfield Asset Management	2022	$300M	$244.3M	4.4%	1.09x	0.14x
Brookfield Strategic Real Estate Partners V–B L.P.	Brookfield Asset Management	2023	$300M	$46.1M	—	1.01x	—
Carlyle Realty Partners X	Carlyle Group	2024	$300M	—	—	—	—
CVC Capital Partners Asia Pacific III	CVC Capital Partners	2008	$300M	$9.5M	12.7%	1.58x	1.55x
GCM Diversified Infrastructure, L.P.	GCM Grosvenor	2024	$300M	$281M	16.5%	1.17x	—
Platinum Equity Capital Partners IV, L.P.	Platinum	2016	$300M	$186M	18.4%	1.84x	1.30x
Platinum Equity Capital Partners V, L.P.	Platinum	2019	$300M	$311.5M	8.6%	1.36x	0.37x
Platinum Equity Capital Partners-A II, L.P.	Platinum	2007	$300M	$7.4M	12.9%	1.55x	1.53x
New Mountain Partners III LP	New Mountain Capital	2007	$287.2M	$11.7M	14.5%	2.40x	2.37x
GSC Recovery II, L.P.	GSC Group	2000	$279.2M	—	10.1%	1.54x	1.54x
Apax Europe VII	Apax	2007	$273.6M	$900K	4.2%	1.24x	1.24x
Blackstone Real Estate Partners Europe III, L.P.	The Blackstone Group	2008	$270M	$9.5M	10.6%	1.46x	1.43x
ICG Europe Fund V, L.P.	Intermediate Capital Group	2011	$263.3M	$15.3M	7.9%	1.29x	1.24x
Bain Capital Middle Market Credit 2010, L.P.	Bain Capital	2010	$250M	$1.3M	9.2%	1.26x	1.26x
Brookfield Infrastructure Structured Solutions-B	Brookfield Asset Management	2024	$250M	$93.4M	—	1.04x	—
First Reserve Fund XII LP	First Reserve Corporation	2008	$250M	$200K	-17.0%	0.55x	0.55x
GCM US Partnership Opportunities, L.P.	GCM Grosvenor	2022	$250M	$178.6M	9.1%	1.13x	0.18x
New Mountain Partners VI, L.P.	New Mountain Capital	2021	$250M	$58.5M	14.7%	1.31x	1.07x
New Mountain Partners VI, L.P. Private Equity	New Mountain Capital	2020	$250M	—	—	1.30x	1.28x
PIMCO BRAVO Fund III Onshore Feeder, LP	PIMCO Europe	2016	$250M	$134.1M	8.4%	1.48x	0.98x
PSERS TAO Partners Parallel Fund, L.P. -(TAO 2.0)	PSERS TAO	2014	$250M	$217.5M	8.9%	1.22x	0.94x
PSERS TAO Partners Parallel Fund, L.P. -(TAO 3.0)	PSERS TAO	2014	$250M	$220.4M	9.4%	1.22x	0.89x
Sixth Street Lending Partners	Sixth Street	2022	$250M	$129.2M	15.8%	1.21x	0.18x
Strategic Partners Fund VII, L.P.	Strategic	2016	$250M	$76.9M	16.6%	1.75x	1.35x
CIM Infrastructure Fund III, L.P.	CIM Group	2022	$247.7M	$264.9M	25.0%	1.76x	0.11x
Partners Group Secondary 2008	Partners Group	2007	$234.7M	$500K	8.6%	1.51x	1.51x
Cerberus Levered Loan Opportunities Fund II, L.P.	Cerberus	2012	$225M	$15.3M	5.3%	1.17x	1.12x
NGP Natural Resources XII, L.P.	Ngp	2017	$225M	$132.1M	15.7%	1.66x	1.04x
Blackstone Infrastructure Partners Europe (CYM) L.P.	The Blackstone Group	2024	$223.2M	$100.4M	—	1.17x	0.01x
ICG Europe Fund VIII Feeder SCSp	Intermediate Capital Group	2021	$222.9M	$215M	22.9%	1.41x	0.15x
TCI Real Estate Partners Fund III	TCI	2018	$221.2M	$56.3M	10.4%	1.22x	0.89x
DIF Infrastructure Fund VII SCSp	DIF Capital Partners	2022	$220M	$155.9M	14.4%	1.18x	0.02x
HayFin Special Opportunities Credit Fund (Parallel), L.P.	Hayfin	2012	$213.2M	$800K	5.3%	1.17x	1.17x
Brookfield Strategic Real Estate Partners III	Brookfield Asset Management	2018	$210M	$230M	8.6%	1.35x	0.42x
Actis Emerging Markets 3, L.P.	Actis	2007	$200M	$1.6M	-2.2%	0.92x	0.91x
Apollo European Principal Finance Fund II (Dollar A), L.P.	Apollo	2012	$200M	$4.8M	6.7%	1.19x	1.17x
Apollo European Principal Finance Fund III (Dollar A), LP	Apollo	2016	$200M	$65.2M	3.0%	1.07x	0.84x
Ares PA Opportunities Fund - Distressed Debt	Ares	—	$200M	—	—	—	0.57x
Ares PA Opportunities Fund, L.P. - Distressed Debt	Ares	2019	$200M	$174.6M	14.6%	1.40x	0.38x
Avenue Energy Opportunities Fund, L.P.	Avenue	2014	$200M	$24.6M	7.0%	1.42x	1.34x
Avenue Europe Special Situations Fund III (U.S.), L.P.	Avenue	2015	$200M	$48.6M	2.5%	1.14x	0.91x
Bain Capital Distressed and Special Situations 2013 (A + AIV I), L.P.	Bain Capital	2012	$200M	$270.6M	13.8%	1.79x	0.37x
Bain Capital Middle Market Credit 2014, LP	Bain Capital	2013	$200M	$23.1M	5.3%	1.24x	1.12x
Brookfield Strategic Real Estate Partners II, L.P.	Brookfield Asset Management	2015	$200M	$93.3M	9.8%	1.47x	1.09x
Brookfield Strategic Real Estate Partners, L.P.	Brookfield Asset Management	2012	$200M	$3.7M	17.4%	1.86x	1.84x
Capital International Private Equity Fund V L.P. Private Equity	Capital Group	2007	$200M	—	—	0.90x	0.91x
Carlyle Realty Partners IX	Carlyle Group	2021	$200M	$127.6M	3.5%	1.05x	0.06x
Carlyle Realty Partners VIII, L.P.	Carlyle Group	2017	$200M	$66.6M	19.2%	1.45x	1.07x
Cerberus Institutional Partners V, L.P.	Cerberus	2012	$200M	$61.4M	12.3%	1.91x	1.62x
Cerberus Institutional Partners VI, L.P.	Cerberus	2015	$200M	$161.6M	13.8%	2.12x	1.33x
Fortress Investment Fund V, L.P.	Fortress Investment Group	2007	$200M	$82.9M	4.1%	1.51x	1.08x
HarbourVest PA Co-Investment Fund	HarbourVest Partners (Canada)	2020	$200M	—	—	—	0.09x
ISQ Global Infrastructure Fund IV (UST), L.P.	ISQ Global Infrastructure	—	$200M	—	—	—	—
LS Power Equity Partners V, L.P.	LS Power Group	2023	$200M	$136.5M	62.5%	1.36x	0.15x
Neuberger Berman PA Co-Investment Fund	Neuberger Berman	—	$200M	—	—	—	0.12x
New Mountain Partners V, L.P.	New Mountain Capital	2017	$200M	$25.7M	26.6%	2.39x	2.27x
PGIM Agricultural Separate Account	PGIM	1992	$200M	$122.4M	7.6%	1.29x	0.78x
PIMCO Commercial Real Estate Debt Fund II Onshore Feeder, L.P.	PIMCO Europe	2021	$200M	$100.1M	9.6%	1.14x	0.38x
PIMCO Commercial Real Estate Debt Fund, L.P.	PIMCO Europe	2018	$200M	$70M	8.6%	1.31x	0.86x
PSERS TAO Partners Parallel Fund, L.P. -(TAO Contingent)	PSERS TAO	2020	$200M	$162.2M	14.2%	1.25x	0.75x
Sixth Street Fundamental Strategies Partners	Sixth Street	2020	$200M	$132.3M	8.6%	1.11x	0.74x
Strategic Partners Real Assets II, L.P.	Strategic	2017	$200M	$146.9M	15.5%	1.68x	0.82x
Summit Partners Credit II	Summit Partners	2013	$200M	$21.9M	2.1%	1.06x	0.98x
TCI Real Estate Partners Fund IV, LP	TCI	2023	$200M	$101M	10.4%	1.19x	0.07x
New York Life Capital Partners III-A, L.P.	New York Life	2005	$196.4M	—	-0.4%	0.97x	0.97x
New York Life Capital Partners III-A, L.P. Private Equity	New York Life	2005	$196.4M	—	—	1.00x	0.97x
Strategic Partners Fund III-B, L.P. Private Equity	Strategic	2005	$195M	—	—	1.30x	1.34x
Bridgepoint Europe V, L.P.	Bridgepoint	2014	$194.4M	$71.5M	16.0%	1.88x	1.43x
Bridgepoint Europe V, L.P. Private Equity	Bridgepoint	2014	$194.4M	—	—	1.80x	1.84x
New York Life Capital Partners I, L.P.	New York Life	1999	$190.6M	$500K	1.8%	1.11x	1.11x
HS Group Sponsor Fund II	HS Group Sponsor	2018	$190M	$166.1M	16.7%	1.13x	0.41x
ICG Europe Fund VII Feeder SCSp	Intermediate Capital Group	2018	$184.9M	$67.7M	14.6%	1.64x	1.24x
Stockbridge Real Estate Fund III, LP	Stockbridge Capital Group	2007	$180M	$110.8M	2.2%	1.24x	0.62x
Cabot Industrial Value Fund VII, L.P.	Cabot Properties	2022	$175M	$131.1M	-5.9%	0.94x	0.01x
ICG Europe Fund IX SCSp	Intermediate Capital Group	2025	$170.2M	$2M	—	1.35x	—
Sixth Street Specialty Lending Europe III (A), L.P.	Sixth Street	2024	$165M	—	—	0.07x	—
ICG Europe Mid-Market Fund II SCSp	Intermediate Capital Group	2023	$164.6M	$41.5M	—	1.17x	—
ICG Europe Fund VI, L.P.	Intermediate Capital Group	2015	$163.3M	$12.2M	19.5%	1.82x	1.75x
Stockbridge Real Estate Fund II, LP	Stockbridge Capital Group	2005	$162.5M	$2.8M	-6.5%	0.48x	0.46x
Carlyle Energy Mezzanine Opportunities Fund-Q, L.P.	Carlyle Group	2010	$162.3M	—	-8.3%	0.72x	0.72x
Hayfin SOF II USD, L.P.	Hayfin	2016	$160M	$60.1M	7.2%	1.37x	1.03x

Largest 100 of 560 disclosed positions. Source: PA SERS Detailed Holdings - sers_q1_2025_pe_performance. TVPI = total value / paid-in; DPI = distributions / paid-in.

Frequently asked questions

Where is Pennsylvania Public School Employees' Retirement System located?: Pennsylvania Public School Employees' Retirement System is headquartered in Harrisburg, US.