New York City Retirement Systems invested $21 million in ACON Equity Partners III as part of its private equity emerging managers program, confirmed Stephanie Hoo, a spokeswoman for New York City Comptroller John Liu.
Four of the five city pension funds have made investments in this middle-market buyout fund, which is managed by ACON Investments, Ms. Hoo said Friday.
The investments are $11 million by the New York City Employees' Retirement System; $7 million by the New York City Teachers' Retirement System; $2 million by the New York City Police Pension Fund and $1 million by the New York City Fire Department Pension Fund.
On Thursday, Comptroller Liu said, in a speech at the pension system's second annual manager conference in New York, that the ACON deal was the second direct investment for the pension system's private equity emerging managers program. Mr. Liu is the investment adviser, custodian and trustee of the pension funds within the $127.5 billion New York City Retirement Systems.
The first direct investment — made in December by three of the city pension funds — was a total of $20 million to ICV Partners III, a leverage buyout fund managed by ICV Partners. City pension funds have established a pool of $400 million in assets for the in-house private equity emerging managers program.