Pennsylvania State Employees' Retirement System

Pennsylvania State Employees’ Retirement System is a multi-employer cost-sharing defined-benefit public pension fund based in Harrisburg, Pennsylvania. Established in 1923, the plan provides retirement, annuity, health, and disability benefits to eligible government employees. It primarily invests in alternative investment strategies including buyouts, distressed debt, turnarounds, energy, oil & gas, international private equity, limited partnership secondaries, mezzanine, and venture capital. The assets are managed by an eleven-member retirement board.

Country

United States

AUM ($B, AS AT DATE OF ASSET ALLOCATION)

$36

Performance (%, 1YR)

12.2

Chief Executive

Joseph Torta

Chief Investment Officer

James Nolan

Chair

Gregory Thall

Asset allocation

19.3% Private Equity

6.5% Real Estate

32% US Equity

14.1% International Developed Markets Equity

4.6% Emerging Markets Equity

17.7% Fixed Income

2.9% TIPS

1.8% Cash

1.1% Legacy Private Credit

0% Legacy Hedge Funds

Website

View the annual report

Global Pension Transparency Benchmark country system description

Asset allocation as of December 31, 2023. All information is as per the most recent annual report or other publicly available data via the fund's website

Liquidity, rebalancing reign at PSERS

Cash is king right now, according to CIO of the Pennsylvania School Employees’ Retirement System, Jim Grossman, and he’s got plenty of it. The fund has a very diversified asset allocation, with about half the portfolio invested in liquid assets and Grossman and his team are working hard to make sure that the strategic allocations are maintained.

Wiseman’s wise words for investors

Ensuring a portfolio has enough liquidity to rebalance back to the long-term strategic asset allocation is the most critical preparation investors can do ahead of any crisis, according to Mark Wiseman, who said this current environment could be the "opportunity of a generation".