DFX Intelligence

Allocator Intelligence

The capital-owner graph behind private markets. Who owns the capital, who decides, how much, under what policy, on whose advice, to which managers, and what changed, with a source and a date behind every row. A target is never an actual, a disclosed holding is never an approval, and an estimate says so.

State retirement system

Pennsylvania State Employees Retirement System

State retirement systemstate generalPA

Assets

$43B

Fiduciary net position, Dec 31, 2025 reported

Funded

n/a

not filed

Private markets target

n/a

no policy read

Commitments

none on the tape

Allocation policy

No allocation policy has been read for this allocator yet. Public systems get theirs from the ACFR; corporate plans from the sponsor’s 10-K; plans from Schedule H lines.

Consultants and advisers

4 firms

Stepstone Group LLC Private equity consultantthrough Dec 31, 2025 ACFR
Nepc, LLC Real estate consultantthrough Dec 31, 2025 ACFR
Empower Custodianthrough Dec 31, 2025 ACFR
Bny Custodianthrough Dec 31, 2025 ACFR

People

3 roles

Chief investment officer

James G. Nolan

Chief Investment Officer (Dec 31, 2025) sers.pa.gov

James G. Nolan Nicholas Joseph Marcucci Director Executive Director

Gregory C. Thall Board ChairmanBoard chair
Joseph A. Torta Executive DirectorExecutive director / CEO

Manager roster

2 managers on the commitment tape

From the plan’s own commitment disclosures

TJC LP1 rows, latest Jul 21, 2026
Francisco Partners1 rows, latest Mar 3, 2026

Commitments

6 rows, 0 dated closings

Disclosed holdings (from the plan’s performance or holdings report, as of the report date)

Date	Fund	Manager	Bucket	Amount	Status	Source
as of Jul 21, 2026	TJC Resolute Fund VII	TJC LP	Private equity	n/a	Proposed	sers.pa.gov
as of Jun 16, 2026	SkyKnight Capitalco investment	SkyKnight Capital	Private equity	$35.0M	Approved	sers.pa.gov
as of Jun 9, 2026	SkyKnight Capital Fund V, L.P.	SkyKnight	Private equity	$65.0M	Approved	sers.pa.gov
as of Jun 9, 2026	SkyKnight Capital Fund V sidecar vehicleco investment	SkyKnight	Private equity	$35.0M	Approved	sers.pa.gov
as of Jun 9, 2026	SkyKnight Capital Fund V, L.P.	SkyKnight Capital	Private equity	n/a	Proposed	sers.pa.gov
as of Mar 3, 2026	Francisco Partners Fund VIII & Francisco Partners Agility Fund IV	Francisco Partners	Private equity	n/a	Proposed	sers.pa.gov

Size and funding

52 readings

Total assets

$37B Jun 30, 2024 derived Census ASPP

$34B (2023-06) · $40B (2022-06)

Fiduciary net position

$43B Dec 31, 2025 reported ACFR

$34B (2023-06) · $40B (2022-06)

Long-term investments

$36B Jun 30, 2024 reported Census ASPP

$33B (2023-06) · $39B (2022-06)

Total pension liability

$21B Jun 30, 2023 derived Census ASPP

$13B (2022-06)

Discount rate

6.88% Jun 30, 2023 reported Census ASPP

7.00% (2022-06)

Participants

242,164 Jun 30, 2024 derived Census ASPP

239,230 (2023-06) · 239,454 (2022-06)

Active members

98,115 Jun 30, 2024 derived Census ASPP

96,395 (2023-06) · 97,857 (2022-06)

Beneficiaries

136,972 Jun 30, 2024 reported Census ASPP

135,647 (2023-06) · 134,360 (2022-06)

Benefits paid

$3.9B Jun 30, 2024 reported Census ASPP

$3.9B (2023-06) · $3.7B (2022-06)

Investment expense

$180M Jun 30, 2024 reported Census ASPP

$157M (2023-06) · $172M (2022-06)

Commitment history

5 decisions the board record started

One line per vehicle, folded across the board’s own minutes and the plan’s later reports: when the item was proposed or recommended, when the board approved it, when the closing was dated, and when the position first showed up in a report. A line is closed only when a closing date exists; held means the plan reports the position without one on this graph.

Vehicle	Manager	Amount	State	Proposed	Approved	Closed	First reported	Other LPs
SkyKnight Capital	n/a	$35.0M	approved	-	Jun 16, 2026	-	-	-
SkyKnight Capital Fund V, L.P.	n/a	$65.0M	approved	Jun 9, 2026	Jun 9, 2026	-	-	-
SkyKnight Capital Fund V sidecar vehicle	n/a	$35.0M	approved	-	Jun 9, 2026	-	-	-
Francisco Partners Fund VIII & Francisco Partners Agility Fund IV	Francisco Partners	n/a	proposed	Mar 3, 2026	-	-	-	-
TJC Resolute Fund VII	TJC LP	n/a	proposed	Jul 21, 2026	-	-	-	-

What changed

14 events

Jul 28, 2026Commitment recommended
Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to TJC Resolute Fund VII
with TJC LPsers.pa.gov
Jul 21, 2026Commitment recommended
Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to TJC Resolute Fund VII
with TJC LPsers.pa.gov
Jun 16, 2026Commitment recommended
Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to SkyKnight Capital Fund V, L.P.
sers.pa.gov
Jun 16, 2026Commitment approved
Pennsylvania State Employees' Retirement System (PA SERS) approves $65M to SkyKnight Capital Fund V, L.P.
sers.pa.gov
Jun 16, 2026Commitment approved
Pennsylvania State Employees' Retirement System (PA SERS) approves $35M to SkyKnight Capital
sers.pa.gov
Jun 9, 2026Commitment recommended
Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to SkyKnight Capital Fund V, L.P.
sers.pa.gov
Jun 9, 2026Commitment approved
Pennsylvania State Employees' Retirement System (PA SERS) approves $65M to SkyKnight Capital Fund V, L.P.
sers.pa.gov
Jun 9, 2026Commitment approved
Pennsylvania State Employees' Retirement System (PA SERS) approves $35M to SkyKnight Capital Fund V sidecar vehicle
sers.pa.gov
May 5, 2026Search opened
Pennsylvania State Employees' Retirement System (PA SERS) opens a Independent Auditor Services search
sers.pa.gov
Mar 3, 2026Commitment recommended
Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to Francisco Partners Fund VIII & Francisco Partners Agility Fund IV
with Francisco Partnerssers.pa.gov
Mar 3, 2026Search opened
Pennsylvania State Employees' Retirement System (PA SERS) opens a Actuarial Services search
sers.pa.gov
Jun 30, 2024Assets changed
Pennsylvania State Employees Retirement System total assets $33.9B -> $36.6B (+8.1%, 2023-06-30 to 2024-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Pennsylvania State Employees Retirement System fiduciary net position $40.2B -> $33.6B (-16.5%, 2022-06-30 to 2023-06-30)
www2.census.gov
Jun 30, 2023Assets changed
Pennsylvania State Employees Retirement System total assets $40.3B -> $33.9B (-16.0%, 2022-06-30 to 2023-06-30)
www2.census.gov

Board record: approvals, recommendations, searches, terminations and re-up prospects for this system.

Provenance

Identifiers: Census PID6 226290

Cross-graph: no entry on another DFX graph

First observed Sep 15, 2026, last observed Sep 16, 2026. Classification confirmed. Every row above carries its source; a reported figure is the subject’s own, a derived one is arithmetic on reported figures, an estimated one is a model or a survey imputation and is never summed into a headline.