Pennsylvania PSERS
Public pension plan Still adding venture funds
Pennsylvania PSERS reports 16 venture funds, $1.2B in all.
Holdings are from its report as of December 31, 2025. “Still adding venture funds”: its newest venture fund is a 2023 vintage, within 3 years of 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2008 | 1 |
| 2009 | 0 |
| 2010 | 0 |
| 2011 | 0 |
| 2012 | 1 |
| 2013 | 0 |
| 2014 | 0 |
| 2015 | 2 |
| 2016 | 0 |
| 2017 | 1 |
| 2018 | 1 |
| 2019 | 1 |
| 2020 | 1 |
| 2021 | 3 |
| 2022 | 0 |
| 2023 | 1 |
Updates from Pennsylvania PSERS
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Insight Partners XI, L.P. | Insight Partners | 2019 | $150M |
| Aisling Capital IV, L.P. Emerging manager | Aisling Capital LLC | 2015 | $100M |
| Greenoaks Capital Opportunities Fund III | Greenoaks | 2020 | $100M |
| Greenoaks Capital Opportunities Fund V LP | Greenoaks | 2023 | $100M |
| Insight Venture Partners X, L.P. | Insight Partners | 2017 | $100M |
In the app: 11 more venture funds. Open Pennsylvania PSERS in LP Intelligence for every fund it holds and how to reach it, or find the LPs that back firms like yours.
How it invests
Selective: it backs fewer of its managers again than three in four LPs that report fund by fund, so each fund is won on its own. It backed 64% of its managers again when they raised a later fund (44 chances), and stays with a manager 5.6 years on average.
From its own report and published commitments. How it invests in LP Intelligence: whether it kept committing through 2022–23, how much goes to managers on Fund I–III, and what it committed to lately.
Recent commitments
| Date | Fund, as published | Manager | Approved | Source |
|---|---|---|---|---|
| August 13, 2026 | American Industrial Partners Capital Fund IX, L.P | — | up to $150M | Document |
| August 13, 2026 | The Resolute Fund VII, L.P. | — | up to $150M | Document |
| August 13, 2026 | Trinity Hunt Partners VIII, L.P. | — | up to $100M | Document |
| June 17, 2026 | PAI Mid-Market Fund II SCSp | — | — | Document |
| December 12, 2025 | OceanSound Partners Fund III, LP | — | up to $150M | Document |
| October 23, 2025 | Oak HC/FT Partners VI, L.P. | — | up to $100M | Document |
| June 13, 2025 | Lindsay Goldberg VI, L.P. | — | up to $100M | Document |
| March 21, 2025 | K6 Private Investors, L.P. | — | up to $100M | Document |
| March 21, 2025 | Stellex Capital Partners III LP | — | up to $133M | Document |
Its 9 commitments from the last 24 months to private equity and venture funds, as Pennsylvania PSERS published them. Dates are the day the plan gives. Amounts are ceilings: the most the plan approved committing, not closed commitments. What this plan publishes · every plan’s recent commitments.
LPs nearby
Within 100 miles, by city: a trip to one can take in the others.
- Pennsylvania SERS
- Airie Knipel Harry V and J William Warehime Foundation
- The Wyomissing Foundation Inc
- The Neag Foundation
- Marlin Miller Jr Family Foundation
- The Giorgi Family Foundation
- Cornerstone Foundation
- The Runnymede Sanctuary Trust Uat of Diana S Wister DTD 8/5/2013
166 LPs within 100 miles in all: see them on the map.
About this data
Holdings as this LP reports them, fund by fund. Amounts are its commitment to each fund. Fund performance it reports is on each firm’s page. As of December 31, 2025. Source: PSERS Private Markets Combined Portfolio Report (Private Equity Active Partnerships). Funds are linked to a manager by name; a match can be wrong, and the original filing is the record. How Hottub reads its sources.
"ITD Net IRR" (inception to date) and TVPI as labeled by PSERS in a report prepared by its private markets consultant, Aksia, which says fund IRRs are as reported by the manager or administrator, or calculated from the cash flows they provide, and may benefit from a fund's use of a subscription line. PSERS marks the IRR not meaningful (n.m., shown as blank) for investments held less than 12 months. Dollar amounts are reported in $ millions to one decimal and converted to whole dollars. Total value = distributions + NAV and DPI = distributions / contributions are computed from those rounded amounts; TVPI is as printed (blank where nothing has been contributed). Active private equity partnerships only: PSERS reports liquidated partnerships and co-investments only as totals, and its real estate, credit, infrastructure and commodities partnerships are not included. 5 partnerships carry a NAV PSERS flags as not up to date.
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