DFX Intelligence

This allocator's name, 1 more adviser, 55 more managers, 183 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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State retirement system in Pennsylvania

State retirement systemstate general· 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.

As of 2026-09-24 · the latest dated event for this allocator; each figure carries its own filing or report date

Assets: $43B
Fund commitments: 184
Managers: 49

Open searches (4)Plans backing its top manager Similar plans, same strategy

Commitments (184)Consultants Managers

As of 2026-09-24 · the latest dated event for this allocator; each figure carries its own filing or report date

What matters now

1 fund
recommended
1 commitment recommended to the board and not yet approved: TJC Resolute Fund VII.
21 Jul 2026 · The next approvals, before they happen.
Factboard materials, 21 Jul 2026Recommended and proposed →
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 →

Capital path

who backs this record, through what, into what; each name opens its own path

Who decides

James G. NolanChief Investment Officer
Gregory C. ThallBoard Chairman
Joseph A. TortaExecutive Director

State retirement system in Pennsylvania

Funds committed to

Blackstone Capital Partners V$150M committed
Vista Equity Partners Fund VI$150M committed
Glendon Opportunities Fund II$150M committed

All 119

Managers

PSG Equity L.L.C.$406M across 6 commitments
Hellman & Friedman LP$340M across 4 commitments
Clearlake Capital Group LP$335M across 4 commitments

All 58

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

Commitments

184

6 dated closings

Consultants and advisers

4 firms

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 $249/month unless canceled.

People

3 roles

Chief investment officer

James G. Nolan

Chief Investment Officer (Dec 31, 2025) sers.pa.gov

James G. Nolan Nicholas Joseph Marcucci Director Executive Director

Gregory C. Thall Board ChairmanBoard chair
Joseph A. Torta Executive DirectorExecutive director / CEO

Manager roster

58 managers on the commitment tape

From the plan’s own commitment disclosures

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 $249/month unless canceled.

What changed

198 events

Sep 24, 2026Re-up prospectreport dateinference
with NEW Enterprise Associates$35.0Mno URL
Jul 28, 2026Commitment recommended
with TJC LPsers.pa.gov
Jul 21, 2026Commitment recommended
with TJC LPsers.pa.gov
Jun 16, 2026Commitment recommended
sers.pa.gov
Jun 16, 2026Commitment approved
$65.0Msers.pa.gov

+193 more dated events

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

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

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

Commitments

186 rows, 0 dated closings

Date	Fund	Manager	Bucket	Amount	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.

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.

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

9 decisions the board record started

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 $249/month unless canceled.

Provenance

Identifiers: none on file

Cross-graph: no entry on another DFX graph

First observed Sep 15, 2026, last observed Sep 24, 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

This record sits on 336 traced paths of capital across the graphs.

Allocator commitments to a managerAllocator to PE fund to manager to company

DFX traced 336 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 $299/month unless canceled.

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

Checking your plan…

Record history

198 dated events on the change ledger, latest first

Re up prospect
2026-09-24
Commitment disclosed
2025-12-31source
Commitment disclosed
2025-12-31source

+195 more changes on this record's ledger

Includes 3 days of DFX Intelligence. Then $249/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

Includes 3 days of DFX Intelligence. Then $249/month unless canceled.