Private equity investments helped the Pennsylvania State Employees’ Retirement System (Pen SERS) investment portfolio produce a return of approximately 17.2% in 2021, raising its total asset value to $40.2 billion in the process, according to a report by chief investment officer.
Although just short of the pensions fund’s benchmark return of 17.5%, the performance more than doubled the its assumed rate of return.
Private equity was the top performing asset class for the year with a return of 52.8%. Penn SERS’ PE investments have now returned 20.1% and 15% respectively over the past five and 10 years on an annualised basis.
