New York State Teachers' Retirement System, Albany committed up to €200 million ($260 million) to CVC Capital Partners VI subject to completion of due diligence, confirmed John Cardillo, a spokesman for the $95.1 billion teachers' pension fund.
The CVC fund focuses on buyouts in Europe, Mr. Cardillo said in an e-mail. The teachers' pension fund committed €100 million to another CVC-managed fund in 2008.
The pension fund's retirement board also authorized an additional allocation of up to $125 million to Loomis Sayles & Co., which manages a portion of the pension fund's assets in active global bonds benchmarked to the Barclay's Capital Global Aggregate Float Adjusted index, Mr. Cardillo wrote.
The extra allocation is “part of (the) ongoing strategy to grow the global bonds asset class,” Mr. Cardillo wrote. Global bonds represent 0.03% of total pension fund assets, and the target is 2%, he wrote. Loomis Sayles has been managing $251.9 million in this category.
The pension fund also approved one-year extensions for four managers. Three of the managers invest in real estate investment trusts and in real estate operating companies: Adelante Capital Management, which manages $361.5 million; Cohen & Steers Capital Management, $875.2 million combined in two allocations; and RREEF America, $437.9 million. The renewed contracts begin July 1.
Also given a one-year extension was LSV Asset Management, which manages $507 million in international equities. LSV's new contract starts July 25.
The transactions were approved at the quarterly meeting of the pension system's retirement board on April 25.