New York State Teachers Retirement System, Albany, approved several alternative investments, subject to due diligence. Trustees for the $101 billion fund authorized commitments of up to $250 million to Lexington Co-Investment Partners II, up to $150 million to Carlyle Partners V and up to $75 million to Olympus Growth Fund V, all private equity funds, according to a summary of the trustees April 23 meeting.
The board also approved real estate investments in the ING Clarion Debt Opportunity Fund II LLC of up to $100 million, or no more than 20% of the ING Clarion funds assets, and in the Exeter Industrial Value fund of $50 million, or no more than 20% of that funds assets.
The trustees also terminated active international equity managers Gryphon International Investment, which ran $526 million, and Walter Scott & Partners, which handled $565 million. Gryphon was terminated for performance, while Walter Scott was dropped for performance and organizational reasons, said Heidi Brennan, a spokeswoman for the system. Those assets were moved to an enhanced international equity index portfolio run by BGI.
A Gryphon International spokeswoman declined comment. Walter Scott spokesman Jamie Brookes said the firm does not discuss client mandates or relationships.