New York State Teachers' Retirement System, Albany, committed $429 million to five private equity funds to help the fund meet its target 7% private equity allocation, said Mr. Cardillo. It committed $154 million to the HarbourVest Partnership Fund and $25 million to the HarbourVest Direct Fund; $100 million to Welsh Carson Anderson & Stowe X; $75 million to Lehman Brothers Real Estate Mezzanine Partners; $50 million to Metalmark Capital Partners and $25 million to the KRG Capital Partners III.
The $80 billion system also terminated Peregrine Capital Management, which ran $484 million in active domestic small-cap equities, for underperformance, said John Cardillo, system spokesman. Fund officials put the money in an internally managed S&P 600 index fund; Mr. Cardillo added that the fund has no immediate plans to search for a replacement. Robert Mersky, president and portfolio manager at Peregrine, was traveling and could not be reached by press time to comment on the termination.
