Pennsylvania SERS Commits $130M to Reverence; LS Power Closes $6B Fund

Pennsylvania SERS Commits $130M to Reverence

LS Power Closes $6B Fund

The Pennsylvania State Employees' Retirement System approved up to $100M to Reverence Capital Partners PE Opportunities Fund IV, a financial services-focused buyout fund, and $30M to a co-investment sidecar, bringing its private equity pacing to about $770M for the year. The board also adopted the asset allocation recommended in September, lowering its private equity target to 14% from 16% and cutting real estate to 3% from 7%.

Among other pacing developments, the MoDOT & Patrol Employees' Retirement System plans to commit $300M across private markets in 2027, up from $251.3M this year, under a pacing plan from NEPC that raises commitments to private equity, real assets and opportunistic debt while trimming real estate. The Teachers' Retirement System of Louisiana is reviewing its private markets arrangement with Hamilton Lane with a view to identifying a replacement manager, as it commits up to $200M across three energy-focused funds managed by EnCap and NGP.

On the GP fundraising side, LS Power reportedly raised $6B for LS Power Equity Partners VI, exceeding its $4B target and more than doubling its predecessor, with commitments from pensions, insurers, sovereign wealth funds and family offices. Life sciences investor Forbion raised €2.3B ($2.6B) across Forbion Growth Opportunities Fund IV and Forbion Ventures Fund VIII, calling it the firm's largest fundraising to date. And Collective Global Management is raising Collective Global Fund II, a GP-stakes vehicle targeting $1B with a $1.2B hard cap.

In people news, Oxford University Endowment Management named Caroline Serdarevic as CEO effective November 2, joining from Millennium Advisors and succeeding founding CIO and CEO Sandra Robertson, who retires in January. Cbus Super promoted Jasmine Head to associate director for private equity.