Pennsylvania Public School Employees' Retirement System
Institutional investoroperating company · company profile⨠Fox Verdict
Sign up to see your fitFund commitments Β· as a limited partner Β· 560
as of Dec 2025Private-fund positions this organization discloses in its own public filings and reports β $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 | β | $796.1M | β | β | β | 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 | β | $311.1M | β | β | β | 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 | β | 8.8% | 1.61x | 1.61x |
| Blackstone Property Partners | The Blackstone Group | 2014 | $300M | β | β | β | 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 | β | β | β | 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 VβB L.P. | Brookfield Asset Management | 2023 | $300M | $46.1M | β | 1.01x | β |
| Carlyle Realty Partners X | Carlyle Group | 2024 | $300M | β | β | β | β |
| 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 | β |
| 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 | β | 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 | β | 1.04x | β |
| 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 | β | β | 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 | β | 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 | β | $200M | β | β | β | 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 | β | β | 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 | β | β | β | 0.09x |
| ISQ Global Infrastructure Fund IV (UST), L.P. | ISQ Global Infrastructure | β | $200M | β | β | β | β |
| 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 | β | $200M | β | β | β | 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 | β | -0.4% | 0.97x | 0.97x |
| New York Life Capital Partners III-A, L.P. Private Equity | New York Life | 2005 | $196.4M | β | β | 1.00x | 0.97x |
| Strategic Partners Fund III-B, L.P. Private Equity | Strategic | 2005 | $195M | β | β | 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 | β | β | 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 | β | 1.35x | β |
| Sixth Street Specialty Lending Europe III (A), L.P. | Sixth Street | 2024 | $165M | β | β | 0.07x | β |
| ICG Europe Mid-Market Fund II SCSp | Intermediate Capital Group | 2023 | $164.6M | $41.5M | β | 1.17x | β |
| 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 | β | -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.
Media Β· Podcasts & interviews
from their channelPSERS Foundations for Your Future Part 1
PA Public School Employees' Retirement System
PSERS Foundations for Your Future Part 6
PA Public School Employees' Retirement System
PSERS Foundations for Your Future Part 4
PA Public School Employees' Retirement System
PSERS Foundations for Your Future Part 3
PA Public School Employees' Retirement System
PSERS Foundations for Your Future Part 5
PA Public School Employees' Retirement System
PSERS Foundations for Your Future Part 2
PA Public School Employees' Retirement System