Pennsylvania SERS
Public pension plan No recent venture fund
Pennsylvania SERS reports 17 venture funds, $638M in all.
Holdings are from its report as of December 31, 2025.
The numbers
| Vintage | Venture funds |
|---|---|
| 2006 | 1 |
| 2007 | 1 |
| 2008 | 2 |
| 2009 | 0 |
| 2010 | 0 |
| 2011 | 2 |
| 2012 | 0 |
| 2013 | 1 |
| 2014 | 1 |
| 2015 | 2 |
| 2016 | 0 |
| 2017 | 0 |
| 2018 | 1 |
| 2019 | 1 |
| 2020 | 1 |
| 2021 | 1 |
Updates from Pennsylvania SERS
Largest venture holdings
From its report as of December 31, 2025.
| Fund, as reported | Manager | Vintage | Commitment |
|---|---|---|---|
| Insight Venture Partners X | Insight Partners | 2018 | $100M |
| Insight Venture Partners XI | Insight Partners | 2020 | $75M |
| TCV X | TCV | 2019 | $75M |
| Insight Partners Fund XII | Insight Partners | 2021 | $50M |
| Insight Venture Partners IX | Insight Partners | 2015 | $50M |
In the app: 12 more venture funds, 6 funds of funds. Open Pennsylvania SERS 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 67% of its managers again when they raised a later fund (54 chances), and stays with a manager 6.9 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 |
|---|---|---|---|---|
| October 6, 2026 | Reverence Capital Partners PE Opportunities Fund IV (RCP IV) | — | up to $100M | Document |
| July 28, 2026 | The Resolute Fund VII, L.P. | — | up to $150M | Document |
| May 5, 2026 | PSG Europe III S.C.SP. | — | — | Document |
| March 3, 2026 | Francisco Partners VIII, L.P. | — | up to $100M | Document |
| March 3, 2026 | Francisco Partners Agility IV, L.P. | — | up to $30M | Document |
| March 3, 2026 | FP VIII PA Co-Invest, L.P. | — | up to $50M | Document |
| December 9, 2025 | BVIP Fund XII, L.P. | — | up to $65M | Document |
Its 7 commitments from the last 24 months to private equity and venture funds, as Pennsylvania SERS 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 PSERS
- 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.
How to submit
Private-markets consultant: StepStone Group (source).
In its words: “SERS's quarterly Private Equity Performance Update is "Prepared by the fund's private equity investment consultant", StepStone Group LP.”
Read from its own pages on October 19, 2026: sers.pa.gov/Investments.html, sers.pa.gov/pdf/Investments/2025-Q4-Private-Equity-Perfor…. Programs change; its site is the record.
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: SERS Quarterly Private Equity Board Update, Schedule of Investments by Sector. 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.
IRR and TVM (total value multiple) as reported by SERS in a quarterly update prepared by StepStone Group. The schedule's column is headed "IRR"; the report says "Net IRR is net of managers' fees, expenses, and carried interest" and that, unless otherwise indicated, performance is net of fees and expenses charged by the underlying investment but gross of StepStone vehicle/account fees and expenses. It also says the figures were prepared by StepStone on behalf of SERS and not provided by any general partner, and that IRR and TVM for certain vehicles may have been impacted by subscription-backed credit facilities. Total value = market value + distributions; TVPI is SERS's TVM recomputed to two decimals from the reported amounts (SERS prints one decimal) and DPI = distributions / contributions is computed. SERS marks some partnerships NM ("Not Meaningful", no rule stated) and leaves the TVM and IRR cells, and usually the market value, empty for 29 others; those fields are blank here. Covers the buyout, growth equity and special situations partnerships on the schedule; the Keystone Legacy Fund line (SERS's pooled non-core legacy funds) and the separate legacy private credit schedule are not included. Commitments to non-USD funds reflect current exchange rates.
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