New York State Common Retirement Fund, Albany, committed a total of $483 million to four private equity partnerships, said H. Carl McCall, sole trustee. The $96 billion system committed $125 million to JLL Fund III, a partnership sponsored by Joseph, Littlejohn & Levy; $250 million to the Thomas H. Lee Fund IV; $85 million to FS Equity IV, sponsored by Freeman Spogli & Co.; and $23 million to the Fairview Capital II L.P. The commitments will be funded from cash.
National Australia Group Pensions Common Investment Fund, Leeds, England, switched to a specialist manager lineup.
The £1.4 billion ($2.3 billion) fund now will invest 85% of its assets in equities; 40% of the equities will be invested passively, said Neil Barrell, manager, group pensions for National Australia Group Europe.
The fund previously had four balanced managers: Morgan Grenfell, Gartmore, and PDFM, managed about 30% of assets each; Baillie Gifford ran 10%. Morgan Grenfell was retained to run U.K. and international stocks.
Also hired to manage active U.K. equities was Fidelity Pensions Management. Capital International was picked for international equities. Barclays Global was awarded two portfolios: an actively managed global bonds and a passive global equity mandate. The sizes of the awards have not been determined. Watson Wyatt assisted