New York State Common Retirement Fund, Albany, made $593 million in private equity commitments, as well as commitments of $200 million each in activist equity and global real estate funds during December, confirmed Eric Sumberg, a spokesman for state Comptroller Thomas DiNapoli, sole trustee of the $150.1 billion pension fund.
According to a posting on the comptroller’s website, the fund made the following private equity commitments:
- Clearlake Capital Partners III, $27.5 million. The fund specializes in “distressed and special situations in the middle market,” Mr. Sumberg wrote in an e-mail. It is managed by Clearlake Capital Group. The pension fund previously invested $20 million with another Clearlake fund.
- Abris CEE Mid-Market Fund II, €11.5 million ($15.5 million). Managed by Abris Capital Partners, the fund specializes in middle-market and buyout transactions in Eastern and Central Europe. This is a new relationship for the pension fund.
- Apollo Natural Resources Partners, $200 million. “The manager will invest using traditional buyout and distressed-for-control situations across a broad spectrum of natural resources,” Mr. Sumberg wrote. The fund is managed by Apollo Global Management. The pension fund has previously invested $1.2 billion with Apollo.
- Farol Capital Management, $250 million. Farol is a new relationship for the pension fund. “Farol has created a special $250 million separate account for private equity co-investments focused on emerging managers,” Mr. Sumberg wrote.
- GSO Capital Solutions II, $100 million. This fund “makes investments in companies facing financial distress, using strategies focused on rescue financing and distressed for control,” Mr. Sumberg wrote. The fund is managed by Blackstone GSO. The pension fund previously invested $50 million in another Blackstone GSO fund, Mr. Sumberg wrote.
The pension fund also committed $200 million to Trian Partners Strategic Investment Fund II, which Mr. Sumberg described as an “activist equities manager.” The fund is managed by Trian Fund Management. The pension fund previously invested $200 million with Trian.
The pension fund also committed $200 million to the AREA European Property Enhancement Program, managed by AREA Property Partners. Mr. Sumberg wrote that AREA makes real estate investments in Western Europe, and “will acquire real estate equity investments suitable for a value-added strategy.” The pension fund previously invested $225 million with AREA.
Funding for the Trian and AREA hires came from cash.