Pennsylvania State Employees Retirement System
State retirement system, based in Pennsylvania, reporting $43B in assets, for 242,164 participants.
Composed from this allocator's classification, location and filed figures.
What matters now
- 1 fundrecommended
1 commitment recommended to the board and not yet approved: TJC Resolute Fund VII.
21 Jul 2026 · The next approvals, before they happen.
- 1re-up prospects
1 re-up prospect was flagged in the last twelve months: a manager it backed raising a successor fund.
Managers it already backs are raising again; a re-up decision is coming.
3 more people, 1 more adviser, 55 more managers, 183 more commitments and 194 more dated events
Every figure, date and source on this page is shown. The names behind them, and every related record, open with the complete profile.
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People to know
View all people- ☒ Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
- Chief Investment OfficerWhy: Chief investment officer: owns the allocation decisionNo route on file yet
Capital path
who backs this record, through what, into what; each name opens its own path- Daniel Krautheim☒ Chief Investment Officer
- James G. NolanChief Investment Officer
- Gregory C. ThallBoard Chairman
- Blackstone Capital Partners V$150M committed
- Vista Equity Partners Fund VI$150M committed
- Glendon Opportunities Fund II$150M committed
- PSG Equity L.L.C.$406M across 6 commitments
- Hellman & Friedman LP$340M across 4 commitments
- Clearlake Capital Group LP$335M across 4 commitments
Relationship network
252 connected entities186 observed commitments31 repeat counterparties$12B disclosed commitments (182 commitments)19 dated commitments shown here, 2025 to 2026
From board minutes, annual reports, Form 5500 filings and public records of commitments, consultants and staff in the allocator graph. Commitment amounts are those the allocator disclosed; many are not printed, and none is estimated.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the commitments and sources behind it. Line weight is commitments together; dashed lines are inferred.
- Sponsor
- Fund or vehicle
- Service provider
- Person
Managers, funds and consultants are read from the commitments: three or more is a strong observed relationship, two a repeat counterparty. No consultant link is marked current on the source, so none is labelled current or former here. Related plans, people and plan service providers are ordered by what the filing shows.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Size, funding, policy and commitments, with their basesState retirement systemShowHide
- 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
+1 more consultant or adviser advise this allocator
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
- Daniel Krautheim · ☒ Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
- James G. Nolan · Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 1 person, grouped by function
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
- Gregory C. Thall Board ChairmanBoard chair
+3 more people on the investment staff and board
Every name, title and published role at this allocator, with the page it was read from.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
- PSG Equity L.L.C.$406M, 6 rows, latest Dec 31, 2025
- Hellman & Friedman LP$340M, 4 rows, latest Dec 31, 2025
- Clearlake Capital Group LP$335M, 4 rows, latest Dec 31, 2025
+55 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
- Sep 24, 2026Re-up prospectreport dateinferencePennsylvania State Employees Retirement System holds New Enterprise Associates 12 ($35M); the manager is raising: New Enterprise Associates 19, L.P. (fundraising, seen 2026-09-24); no commitment to it on the graph; 6 fund(s) of the series between them not held eitherwith NEW Enterprise Associatesno URL
- Jul 28, 2026Commitment recommendedPennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to TJC Resolute Fund VIIwith TJC LPsers.pa.gov
- Jul 21, 2026Commitment recommendedPennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to TJC Resolute Fund VIIwith TJC LPsers.pa.gov
- Jun 16, 2026Commitment recommendedPennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to SkyKnight Capital Fund V, L.P.
- Jun 16, 2026Commitment approvedPennsylvania State Employees' Retirement System (PA SERS) approves $65M to SkyKnight Capital Fund V, L.P.
+194 more dated events
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
| Date | Fund | Manager | Bucket | Amount | Vintage | 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 |
+183 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
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| 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 | - | - | - |
+6 more board decisions
Every name, record and relationship behind this count, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Provenance
Not yet on record: funded ratio, private markets allocation target, allocation policy.
Pennsylvania State Employees Retirement System sits on 338 traced paths of capital across the graphs.
DFX traced 338 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
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Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
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Record history
- Re up prospect2026-09-24
- Commitment recommended2026-07-28source on record
- Commitment recommended2026-07-21source on record
+196 more changes on this record's ledger
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The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.
›Connections
every published relationship on the graph
+172 connections on the graph
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.