New York State Common Retirement Fund, Albany, will commit an additional $40 million each to South African funds Ethos Private Equity V and Brait Private Equity IV, according to Alan. G. Hevesi, state comptroller and sole trustee of the $125 billion fund. Currently, the fund has $53 million with Ethos and $25 million committed to Brait. The add-on investments will involve traditional buyouts of privately held companies in industries such as manufacturing, retail and consumer services.
New York State Common's new commitments bring its South African private equity investment to $158 million and overall investment in the country to $318 million.
"This sends out a very good signal to other funds, other institutions, about the possibilities that exist in South Africa," South African President Thabo Mbeki said at a news conference today in New York. "It's a practical way of communicating an important message that you have an economy that is growing and developing and therefore a good place for foreign investors to come."
