New York State Teachers assigns $413 million to 5 managers

New York State Teachers’ Retirement System, Albany, made five private equity commitments during the three months ended Dec. 31 totaling up to $413 million.

The commitments were disclosed in a document prepared for the $107 billion pension fund’s quarterly board meeting on Wednesday. Each commitment was approved by Chief Investment Officer Thomas Lee, according to pension system bylaws that allow some transactions to be made without requiring board approval.

The commitments are:

  • Up to $100 million to Veritas Capital Fund VI, managed by Veritas Capital Fund Management, which “focuses on buyouts in middle-market companies that provide critical products and services, primarily tech-enabled services to government and government-impacted commercial customers globally,” the document said.
  • Up to $100 million to MBK Partners IV, which ”focuses on control-oriented buyouts in South Korea, Japan and China,” the document said.
  • Up to $83 million to ABRY Senior Equity V, managed by ABRY Partners, which focuses on “growth-oriented, middle-market companies in media, communications and business services” based primarily in North America, the document said.
  • Up to €75 million ($80 million) to TDR Capital IV, which emphasizes “pan-European middle-market buyouts primarily in business services, financial services, leisure and consumer services,” the document said.
  • Up to $50 million to EIV Capital Fund III, which concentrates on “midstream energy and related services in North America,” the document said.

The pension fund has not previously committed to Veritas, MBK, TDR and EIV, John Cardillo, a pension fund spokesman, wrote in an email.