State retirement system in Pennsylvania
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
- 2 fundsrecommended
2 commitments recommended to the board and not yet approved: Reverence Capital Partners Opportunities Fund IV and Sidecar, TJC Resolute Fund VII.
Sep 29, 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.
This allocator's name, 3 more people, 1 more adviser, 55 more managers, 185 more commitments and 372 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.
7 days of DFX Intelligence free, then $199/month unless canceled.
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
256 connected entities188 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
›How strength and recency are read
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
Consultants and advisers
- 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.
7 days of DFX Intelligence free, then $199/month unless canceled.
People
- 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
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.
7 days of DFX Intelligence free, then $199/month unless canceled.
Manager roster
- 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.
7 days of DFX Intelligence free, then $199/month unless canceled.
What changed
- Oct 4, 2026re up prospect resolvedreport dateinferenceRe-up prospect for Ridgemont Equity Partners V, L.P.: condition no longer holds; not judgedwith Ridgemont Partners Management, LLC
- Sep 29, 2026Commitment recommendedwith Reverence Capital Partnerssource on record
- Sep 24, 2026Re-up prospectreport dateinferencewith NEW Enterprise Associates$35.0M
- Jul 28, 2026Commitment recommendedwith TJC LPsource on record
- Jul 21, 2026Commitment recommendedwith TJC LPsource on record
+372 more dated events
Every name, record and relationship behind this count, with the source on each.
7 days of DFX Intelligence free, then $199/month unless canceled.
Commitments
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Sep 29, 2026 | Reverence Capital Partners Opportunities Fund IV and Sidecar | Reverence Capital Partners | Private equity | n/a | Proposed | source on record | |
| as of Jul 21, 2026 | TJC Resolute Fund VII | TJC LP | Private equity | n/a | Proposed | source on record | |
| as of Jun 16, 2026 | SkyKnight Capitalco investment | SkyKnight Capital | Private equity | $35.0M | Approved | source on record |
+185 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
7 days of DFX Intelligence free, then $199/month unless canceled.
Size and funding
Commitment history
How the history is foldedOne 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 sidecar vehicle | n/a | $35.0M | approved | - | Jun 9, 2026 | - | - | - |
| SkyKnight Capital Fund V, L.P. | n/a | $65.0M | approved | Jun 9, 2026 | Jun 9, 2026 | - | - | - |
+7 more board decisions
Every name, record and relationship behind this count, with the source on each.
7 days of DFX Intelligence free, then $199/month unless canceled.
Provenance
Provenance
Not yet on record: funded ratio, private markets allocation target, allocation policy.
This record sits on 564 traced paths of capital across the graphs.
DFX traced 564 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
7 days of DFX Intelligence free, then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Re up prospect resolved2026-10-04
- Commitment recommended2026-09-29source on record
- Re up prospect2026-09-24
+374 more changes on this record's ledger
7 days of DFX Intelligence free, then $199/month unless canceled.
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
7 days of DFX Intelligence free, then $199/month unless canceled.