DFX Intelligence

Allocator Intelligence

Pennsylvania Public School Employees' Retirement System

State retirement system· Harrisburg, Pennsylvaniapsers.pa.gov

State retirement system, based in Harrisburg, Pennsylvania, reporting $84B in assets, for 535,879 participants.

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

Assets
$84B
Fund commitments
158
Managers
67
Contact decision makersView relationships
More
Ask DFX about this allocatorInvestment staff
Open searchesPlans backing its top managerSimilar plans, same strategyCommitments (158)ConsultantsManagers
As of · the latest dated event for this allocator; each figure carries its own filing or report date

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 Sep 2027

Pennsylvania Public School Employees' Retirement System

Emerging

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

What DFX sees in the record
  • DerivedPennsylvania Public School 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; on file: LinkedIn.

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. 1
    re-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.

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

5 more people, 2 more advisers, 64 more managers, 158 more commitments and 172 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.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

People to know

View all people
  • Benjamin L. Cotton
    Interim Executive Director & Chief Investment Officer
    Why: Chief investment officer: owns the allocation decision
    No route on file yet
  • Beverly Hudson
    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 8
Pennsylvania Public School Employees' Retirement System
Funds committed to
All 130
Managers
All 67

Relationship network

240 connected entities161 observed commitments43 repeat counterparties$19B disclosed commitments (153 commitments)28 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.

What stands out
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
$84B
Fiduciary net position, Jun 30, 2025 reported
Funded
not on record
not filed
Private markets target
no policy read
no policy read
Commitments
158
15 dated closings

Consultants and advisers

5 firms

+2 more consultants and advisers 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.

Decision makers

who to call first about an allocation, and why; then everyone else by function
  • Benjamin L. Cotton · Interim Executive Director & Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility; Confirmed current by a second source 2026-10-01
  • Beverly Hudson · Chief Investment Officer
    Why this person: Chief investment officer: owns the allocation decision; Named with investment responsibility
Who else at this allocator · 1 person, grouped by function
Board, advisers and operating partners (1)
  • Richard Vague · Chair, Board of Trustees
    Why this person: Board member; Confirmed current by a second source 2026-10-01

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.

People

8 roles
Chief investment officer
Benjamin L. Cotton
Interim Executive Director & Chief Investment Officer (Jun 30, 2025) pa.gov
Benjamin L. Cotton Interim Executive Director & Chief Investment Officer
Beverly Hudson
Chief Investment Officer (Sep 30, 2026) pa.gov
ement benefits and programs. Deputy Executive Director of Administration <b>Beverly Hudson</b></p>\r\n<p>Prior to joining PSERS, Ms. Hudson previously served in various leadership capacities, includin

+5 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.

Manager roster

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

+64 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.

What changed

177 events
  • Sep 24, 2026re up prospect resolvedreport dateinference
    Re-up prospect for Partners Group Secondary Viii (usd) a, L.P.: condition no longer holds; not judged
    with Partners Group Ag
  • Sep 14, 2026Re-up prospectreport dateinference
    Pennsylvania Public School Employees' Retirement System holds Oak HC/FT Partners V, L.P. ($100M); the manager is raising: Oak HC/FT Partners VI, L.P. (fundraising, first ADV report 2026-09-14); no commitment to it on the graph
    with OAK Hcft Management Company LLC
  • Mar 19, 2026Commitment approved
    Pennsylvania Public School Employees' Retirement System (PSERS) approves $150M to DRA Growth and Income Fund XII, LLC
    pa.gov
  • Mar 19, 2026Commitment approved
    Pennsylvania Public School Employees' Retirement System (PSERS) approves $75M to Warwick Partner V LP
    with Warwick Investment Group, LLCpa.gov
  • Mar 19, 2026Commitment approved
    Pennsylvania Public School Employees' Retirement System (PSERS) approves not more than 10% of PSERS Total Private Markets target allocation; each new commitment not to exceed 1.5% of Total Private Markets target allocation to LLR Partners
    with LLR Partnerspa.gov

+172 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.

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

Commitments

161 rows, 0 dated closings
DateFundManagerBucketAmountVintageStatusSource
as of Mar 19, 2026LS Power Fund VI, L.P.LS PowerInfrastructure$200MApprovedpa.gov
as of Mar 19, 2026DRA Growth and Income Fund XII, LLCDRA Advisors LLCReal estate$150MApprovedpa.gov
as of Mar 19, 2026Warwick Partner V LPWarwick Investment Group, LLCInfrastructure$75.0MApprovedpa.gov

+158 more commitments

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

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Size and funding

54 readings
Total assets
$76B Jun 30, 2024 derived Census ASPP
$71B (2023-06) · $70B (2022-06)
Fiduciary net position
$84B Jun 30, 2025 reported ACFR
$72B (2023-06) · $71B (2022-06)
Long-term investments
$69B Jun 30, 2024 reported Census ASPP
$65B (2023-06) · $66B (2022-06)
Total pension liability
$44B Jun 30, 2023 derived Census ASPP
$44B (2022-06)
Discount rate
7.00% Jun 30, 2023 reported Census ASPP
7.00% (2022-06)
Participants
535,879 Jun 30, 2024 derived Census ASPP
527,320 (2023-06) · 521,610 (2022-06)
Active members
255,652 Jun 30, 2024 derived Census ASPP
250,820 (2023-06) · 247,873 (2022-06)
Beneficiaries
253,896 Jun 30, 2024 reported Census ASPP
249,724 (2023-06) · 246,901 (2022-06)
Benefits paid
$7.7B Jun 30, 2024 reported Census ASPP
$7.5B (2023-06) · $7.2B (2022-06)
Investment expense
$410M Jun 30, 2024 reported Census ASPP
$405M (2023-06) · $525M (2022-06)

Commitment history

22 decisions the board record started
VehicleManagerAmountStateProposedApprovedClosedFirst reportedOther LPs
DRA Growth and Income Fund XII, LLCDRA Advisors LLC$150Mapproved-Mar 19, 2026---
Warwick Partners V, LPWarwick Investment Group, LLC$75.0Mapproved-Mar 19, 2026--2
LLR PartnersLLR PartnersNot disclosedapproved-Mar 19, 2026---

+19 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

Identifiers: Census PID6 227357
Cross-graph: private equity LP tape (cited), venture LP tape (cited)
First observed Sep 15, 2026, last observed Sep 30, 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.

Across the graphs

Pennsylvania Public School Employees' Retirement System is the same institution as 1 record in Venture Capital.

Venture Capital1

The joined record opens with the product, beside every other relationship on this page.

Checking your plan…

Capital chain

Pennsylvania Public School Employees' Retirement System sits on 515 traced paths of capital across the graphs.

Allocator commitments to a managerConsultant to allocator to managerAllocator to VC fund to manager to company

DFX traced 515 paths of capital through this record

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

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

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

Checking your plan…

Record history

1 identity change, 179 dated events on the change ledger, latest event first
  • Re up prospect resolved
    2026-09-24
  • Merged in
    2026-09-15
  • Re up prospect
    2026-09-14

+177 more changes on this record's ledger

Includes 3 days of DFX Intelligence. 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

+379 connections on the graph

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.