Pennsylvania SERS Cuts PE Target; Wyoming Weighs $1B in Manager Picks

Pennsylvania SERS Cuts PE Target

Wyoming Weighs $1B in Manager Picks

Pennsylvania State Employees' Retirement System advanced a new asset allocation for the that lowers its private equity target to 14% from 16% and cuts its real estate target by 4 percentage points from 7%, shifting 2% from nominal Treasuries into US equities to improve liquidity and reduce fees. Deputy CIO William Truong said holding the current 16% private equity target would require commitments of $1.5B to $2B a year, calling that pace unrealistic.

Among other allocators, the Wyoming State Loan and Investment Board is set to consider five manager recommendations totaling roughly $1B, including Bain Capital Credit for a $350M multi-asset credit mandate and Pantheon Credit Opportunities Fund IV for a $150M private credit allocation, alongside UBS for non-core real estate and infrastructure mandates and Orbis for international equity. Separately, the Arkansas Teacher Retirement System board is weighing commitments of up to $345M across five funds spanning private equity, opportunistic strategies and real assets, alongside the termination of its CG Core Value Fund hedge fund mandate.

On the GP fundraising side, Pantheon is targeting $2B for Pantheon Credit Opportunities IV, its fourth opportunistic private credit secondaries vehicle; Castlelake began raising its fourth flagship asset-based private credit fund without a disclosed target, following its predecessor's $2.3B close last October; and Princeton Equity Group closed Princeton Equity Partners III, at a $1.3B hard cap — more than double its predecessor's $575M close in 2023.