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Pennsylvania State Employees Retirement System

State retirement systemstate general· Pennsylvaniasers.pa.gov

State retirement system, based in Pennsylvania, reporting $43B in assets, for 242,164 participants.

Composed from this allocator's classification, location and filed figures.

Assets
$43B
Fund commitments
186
Managers
64
Find My Intro PathPeople to knowView relationshipsAsk DFX about this allocator
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People to knowView relationshipsAsk DFX about this allocatorInvestment staff
Open searches (3)Plans backing its top managerSimilar plans, same strategyCommitments (186)ConsultantsManagers
As of · the latest dated event for this allocator; each figure carries its own filing or report date
Suggest a correction

What may matter next

A pattern DFX replayed against history, using only what was known on each date, points at this record. The rate belongs to the pattern, not to this entity; what already happened is below.

Allocators · Re-upWindow to Oct 2027

Pennsylvania State Employees Retirement System

Emerging

Watch for: commits to the successor fund by Oct 2027.

What DFX sees in the record
  • DerivedPennsylvania State Employees Retirement System holds a fund and the manager's next fund in that series, a fund, is open (fundraising).
  • DerivedNo commitment to the new fund appears on the plan's filings yet.
Why it matters

This allocator committed to the prior fund of a series that now has a successor fund. Existing LPs are the first calls in any raise, so this is the re-up list for the GP, and for a competing GP it shows whose capital may be in play.

Who this is for

GPs raising a successor fund, placement agents, and competing GPs in the same strategy.

Can you reach them

Decision maker identified; no contact route on file yet.

Read with care: the rate belongs to the pattern, not to this one; it is not a forecast.

How the pattern measured, and every other entity on it: re-up prospects.

What matters now

  1. 2 funds
    recommended

    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.

    Factboard materials, Sep 29, 2026Recommended and proposed →
  2. 3
    re-up prospects

    3 re-up prospects were flagged in the last twelve months: managers it backed raising a successor fund.

    Managers it already backs are raising again; a re-up decision is coming.

    Inferencea successor fund observed for a manager the plan backsRe-up prospects →

3 more people, 1 more adviser, 61 more managers, 185 more commitments and 375 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.

People to know

View all people
  • Daniel Krautheim
    ☒ Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • James G. Nolan
    Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet

Capital path

who backs this record, through what, into what; each name opens its own path
Who decides
All 6
Pennsylvania State Employees Retirement System
Funds committed to
All 119
Managers
All 64

Relationship network

262 connected entities188 observed commitments35 repeat counterparties$12B disclosed commitments (182 commitments)24 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.

Reading the network
  • 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 systemShow
State retirement system
Assets
$43B
Fiduciary net position, Dec 31, 2025 reported
Funded
not on record
not filed
Private markets target
no policy read
no policy read
Commitments
186
6 dated closings

Consultants and advisers

4 firms

+1 more consultant or adviser advise this allocator

Every name, record and relationship behind this count, with the source on each.

People

6 roles
  • Daniel Krautheim · ☒ Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
  • James G. Nolan · Chief Investment Officer
    Why 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.

Chief investment officer
Daniel Krautheim
☒ Chief Investment Officer (Jun 16, 2026) sers.pa.gov
p.1: Daniel Krautheim William Truong / ☒ Chief Investment Officer
James G. Nolan
Chief Investment Officer (Dec 31, 2025) sers.pa.gov
James G. Nolan Nicholas Joseph Marcucci Director Executive Director

+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.

Manager roster

64 managers on the commitment tape
From the plan’s own commitment disclosures

+61 more managers received commitments

Every name, record and relationship behind this count, with the source on each.

What changed

380 events
  • Oct 20, 2026Re-up prospectreport dateinference
    Pennsylvania State Employees Retirement System holds Francisco Partners VII ($100M); the manager is raising: Francisco Partners VIII, L.P. (fundraising, seen 2026-10-20); no commitment to it on the graph
    with Francisco Partners
  • Oct 6, 2026Commitment recommended
    Pennsylvania State Employees Retirement System considers an undisclosed amount to Reverence Capital Partners Opportunities Fund IV and Sidecar
    with Reverence Capital Partnerssers.pa.gov
  • Oct 4, 2026Re-up prospect resolvedreport dateinference
    Re-up prospect for Ridgemont Equity Partners V, L.P.: condition no longer holds; not judged
    with Ridgemont Partners Management, LLC
  • Sep 29, 2026Commitment recommended
    Pennsylvania State Employees' Retirement System (PA SERS) considers an undisclosed amount to Reverence Capital Partners Opportunities Fund IV and Sidecar
    with Reverence Capital Partnerssers.pa.gov
  • Sep 24, 2026Re-up prospectreport dateinference
    Pennsylvania 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 either
    with NEW Enterprise Associates

+375 more dated events

Every name, record and relationship behind this count, with the source on each.

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

Commitments

188 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Sep 29, 2026Reverence Capital Partners Opportunities Fund IV and SidecarReverence Capital PartnersPrivate equityn/aProposedsers.pa.gov
as of Jul 21, 2026TJC Resolute Fund VIITJC LPPrivate equityn/aProposedsers.pa.gov
as of Jun 16, 2026SkyKnight Capitalco investmentSkyknight Capital, L.P.Private equity$35.0MApprovedsers.pa.gov

+185 more commitments

Every fund and manager this allocator committed to, with the amount, date and source on each.

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

10 decisions the board record started
VehicleManagerAmountStateProposedApprovedClosedFirst reportedOther LPs
SkyKnight CapitalSkyknight Capital, L.P.$35.0Mapproved-Jun 16, 2026---
SkyKnight Capital Fund V, L.P.Skyknight Capital, L.P.$65.0MapprovedJun 9, 2026Jun 9, 2026---
SkyKnight Capital Fund V sidecar vehiclen/a$35.0Mapproved-Jun 9, 2026---

+7 more board decisions

Every name, record and relationship behind this count, with the source on each.

Provenance

Identifiers: Census PID6 226290
Cross-graph: no entry on another DFX graph
First observed Sep 15, 2026, last observed Oct 20, 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.

Not yet on record: funded ratio, private markets allocation target, allocation policy.

Capital chain

Pennsylvania State Employees Retirement System sits on 586 traced paths of capital across the graphs.

Allocator commitments to a manager

DFX traced 586 paths of capital through this record

Every record on each path, what it committed or lent, and as of when.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Record history

380 dated events on the change ledger, latest event first
  • Re up prospect
    2026-10-20
  • Commitment recommended
    2026-10-06source on record
  • Re up prospect resolved
    2026-10-04

+377 more changes on this record's ledger

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

+179 connections on the graph