PennSERS Pumps $220M into Real Estate, Private Credit

The $34 billion Pennsylvania State Employees’ Retirement System has continued to add to its real estate and private equity portfolios with two new commitments to the programs.

In real estate, the board committed up to $100 million to Ares Management‘s Ares PA Opportunities Fund to be invested in the Ares US Real Estate Opportunity Fund IV and related co-investments as a follow-on investment.

In the private equity, the board committed up to $100 million to Clearlake Capital Partners VIII and up to $20 million to a sidecar vehicle that will co-invest alongside Clearlake Capital Partners VIII, as follow-on investments.

The pension fund’s real estate portfolio suffered a 9.79% loss for the year-to-date period ending September 30, while its private credit portfolio returned 7.63%. U.S. equity was the top performing asset class returning 11.88% over the same period. Private equity saw gains of 5.94%.