Pennsylvania SERS Commits to Three Funds

By David G. Barry            


The Pennsylvania State Employees’ Retirement System (SERS) board has committed to a pair of secondary funds from Ardian and a real estate fund from Oak Street.

The SERS Investment Committee approved an up to $100 million allocation to Ardian Secondaries Fund IX L.P. and up to $50 million to Ardian Sidecar Co-Investment Vehicle. It also approved up to $75 million to Oak Street Real Estate Capital Fund VI, L.P.

SERS, according to materials presented at its September meeting, reported a negative 4.4% return for the fiscal year ended June 30 against a benchmark of negative 5.7%. It has $38 billion in assets.