Pennsylvania Public School Employees' Retirement System
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.
What matters now
- 3 fundsrecommended
3 commitments recommended to the board and not yet approved: Sterling United Properties I, CD&R Fund XIII, Kennedy Lewis Capital Partners Domestic Fund IV.
Oct 15, 2026 · The next approvals, before they happen.
- 2re-up prospects
2 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.
5 more people, 73 more managers, 170 more commitments and 193 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- Interim Executive Director & 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- Benjamin L. CottonInterim Executive Director & Chief Investment Officer
- Beverly HudsonChief Investment Officer
- Richard VagueChair, Board of Trustees
- CVC European Equity Partners V (A), L.P.$478M committed
- Baring Asia Private Equity Fund IV, L.P.$300M committed
- Platinum Equity Capital Partners-A II, L.P.$300M committed
- Platinum Equity Advisors, LLC$1.2B across 5 commitments
- LLR Management Holdco, L.P.$713M across 4 commitments
- Apax Partners LLP$659M across 4 commitments
Relationship network
270 connected entities173 observed commitments45 repeat counterparties$19B disclosed commitments (153 commitments)15 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
- Glass Lewis General consultantthrough Dec 12, 2025 Board minutes
- Voya Institutional Plan Services, LLC General consultantthrough Mar 21, 2025 Board minutes
- Hudepohl & Associates, Inc. General consultantthrough Mar 21, 2025 Board minutes
People
- Benjamin L. Cotton · Interim Executive Director & Chief Investment OfficerWhy this person: Chief investment officer: owns the allocation decision; Named with investment responsibility; Confirmed current by a second source 2026-10-25
- Beverly Hudson · 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.
- Richard Vague Chair, Board of TrusteesBoard chair
+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.
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Manager roster
- Platinum Equity Advisors, LLC$1.2B, 5 rows, latest Dec 31, 2025
- LLR Management Holdco, L.P.$713M, 4 rows, latest Dec 31, 2025
- Apax Partners LLP$659M, 4 rows, latest Dec 31, 2025
+73 more managers received commitments
Every name, record and relationship behind this count, with the source on each.
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What changed
- Oct 23, 2026Re-up prospect resolvedreport dateinferenceRe-up prospect for Oak HC/FT Partners VI, L.P.: condition no longer holds; not judgedwith OAK Hcft Management Company LLC
- Oct 16, 2026Re-up prospectreport dateinferencePennsylvania Public School Employees' Retirement System holds NGP Natural Resources X, L.P. ($100M); the manager is raising: NGP Natural Resources XIV, L.P. (fundraising, seen 2026-10-16); no commitment to it on the graph; 3 fund(s) of the series between them not held eitherwith Ngp
- Oct 15, 2026Commitment recommendedPennsylvania Public School Employees' Retirement System considers an undisclosed amount to Kennedy Lewis Capital Partners Domestic Fund IV, L.P.with Kennedy Lewis Investment Managementpa.gov
- Oct 15, 2026Commitment recommendedPennsylvania Public School Employees' Retirement System considers an undisclosed amount to Newmarket Structured Credit Solutions Fund V, L.P.with Newmarket Investment Management, LPpa.gov
- Oct 15, 2026Commitment recommendedPennsylvania Public School Employees' Retirement System considers an undisclosed amount to CD&R Fund XIII, L.P.
+193 more dated events
Every name, record and relationship behind this count, with the source on each.
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Commitments
| Date | Fund | Manager | Bucket | Amount | Vintage | Status | Source |
|---|---|---|---|---|---|---|---|
| as of Oct 15, 2026 | Sterling United Properties I, L.P. | STERLING INVESTMENT MANAGEMENT | n/a | n/a | Proposed | pa.gov | |
| as of Oct 15, 2026 | CD&R Fund XIII, L.P. | CD&R | n/a | n/a | Proposed | pa.gov | |
| as of Oct 15, 2026 | Kennedy Lewis Capital Partners Domestic Fund IV, L.P. | Kennedy Lewis Investment Management | n/a | n/a | Proposed | pa.gov |
+170 more commitments
Every fund and manager this allocator committed to, with the amount, date and source on each.
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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 |
|---|---|---|---|---|---|---|---|---|
| DRA Growth and Income Fund XII, LLC | DRA Advisors LLC | $150M | approved | - | Mar 19, 2026 | - | - | - |
| Warwick Partners V, LP | Warwick Investment Group, LLC | $75.0M | approved | - | Mar 19, 2026 | - | - | 2 |
| LLR Partners | LLR Partners | Not disclosed | approved | - | Mar 19, 2026 | - | - | - |
+31 more board decisions
Every name, record and relationship behind this count, with the source on each.
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Provenance
Provenance
Not yet on record: funded ratio, private markets allocation target, allocation policy.
Pennsylvania Public School Employees' Retirement System is the same institution as 1 record in Venture Capital.
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Pennsylvania Public School Employees' Retirement System sits on 574 traced paths of capital across the graphs.
DFX traced 574 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.
Checking your plan…
Record history
- Re up prospect resolved2026-10-23
- Re up prospect2026-10-16
- Commitment recommended2026-10-15source on record
+198 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
+411 connections on the graph
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