Updated with correction
Pennsylvania State Employees' Retirement System, Harrisburg, agreed to commit $50 million to Providence Strategic Growth V, a private equity growth fund that targets software and tech-enabled service companies, confirmed Pamela Hile, spokeswoman for the $35.7 billion pension plan.
The board approved the commitment at its Wednesday meeting.
The pension fund previously committed to PSG Europe and Providence Strategic Growth IV.
In addition, the board agreed to add a 2% allocation to microcap equities and a 3% allocation to a covered-call strategy within U.S. equities, while reducing its private equity target allocation to 12% from 14%. Further details were not provided.
Also at its meeting, the PennSERS board certified an employer contribution rate of 33.81% for the fiscal year ending June 30, 2022, up from the current rate of 33.48%.
Finally, Pennsylvania SERS Executive Director Terrill Sanchez plans to retire, effective July 2. The board will determine a plan for filling the position at its next meeting.