New York State Common Retirement Fund, Albany, has made commitments totaling $336 million to private equity funds managed by Ares Private Equity Group and Cinven, confirmed Eric Sumberg, a spokesman for state Comptroller Thomas DiNapoli, sole trustee of the $150.3 billion fund.
A $150 million commitment was made to the Ares Corporate Opportunities Fund IV, according to the comptroller's website.
“Ares focuses on middle-market companies in North America using a combination of investment strategies including traditional buyout and growth investments and distressed debt strategies,” Mr. Sumberg wrote in an e-mail. The state pension fund previously invested a total of $250 million in three other Ares funds, Mr. Sumberg added.
Also, €150 million ($186 million) was committed to the Fifth Cinven Fund, described by Mr. Sumberg as a buyout fund focusing on Europe. The parent company, Cinven Ltd., invests in business services, consumer products, financial services, health care, industrials, technology, media and telecommunications, according to its website.
New York State Common previously invested €85 million ($105 million) in the Third Cinven Fund.