Pennsylvania State Employees' Retirement System, Harrisburg, approved a commitment of up to $50 million to Insight Partners XII, a growth equity fund.
The fund targets global investments in software, software-enabled services, and internet businesses in the U.S., Western Europe and Israel. Documents on PennSERS's website show that the pension fund currently has capital invested in six predecessor funds, including Insight Partners XI.
The commitment was made at the $35 billion pension board's Wednesday meeting.
PennSERS also reported a net return of 3.5% for the first quarter. Returns by asset class, net of fees, for the quarter ended March 31, were: 12.34% private equity, 6.83% U.S. equities, 5.71% private credit, 4.1% international developed markets equities, 2.96% emerging markets equities, 2.56% real estate, 0.03% cash, -1.75% Treasury inflation-protected securities and -3.59% fixed income.
In addition to appointing deputy chief investment officer James G. Nolan as acting chief investment officer to replace outgoing CIO Seth A. Kelly, the board also directed PennSERS staff to conduct a search for a replacement for Executive Director Terrill "Terri" Sanchez, who will retire Dec. 31.