New York State Common Retirement Fund, Albany, made seven new commitments totaling about $500 million, according to a monthly transaction report posted on the website of state Comptroller Thomas DiNapoli, the sole trustee of the $173.2 billion pension fund.
The pension fund committed $150 million each to private equity fund CVC Asia Pacific IV, managed by CVC Capital Partners, and distressed debt fund TPG Opportunities Partners III, managed by TPG Capital.
Both are existing relationships for the pension fund. Two recent commitments to the managers were €250 million ($344 million) to CVC European Equity Partners VI in September 2013, and $200 million to TPG Growth II in December 2011.
The pension fund also committed €100 million to middle-market buyout fund Nordic Capital Fund VIII. It is the pension fund's first commitment to a Nordic Capital fund.
Also, the pension fund made three private equity commitments via the Access/NY European Middle Market Buyout Fund II, an existing separate account managed by fund-of-funds manager Access Capital Partners that focuses on opportunities in Europe.
The three commitments are:
- €15 million to Capvis IV, managed by Capvis Equity Partners ;
- £8.9 million ($14.8 million) to ISIS Growth Fund I, managed by ISIS Equity Partners; and
- €10 million to NIBC Growth Capital Fund II, managed by Avedon Capital Partners.
The pension fund also committed £9 million to Crescent Capital Fund III, through the 57 Stars Emerging Europe Fund, a separate account fund of funds that focuses on emerging markets opportunities in Europe.
Mr. DiNapoli said in a news release announcing the Crescent Capital commitment that the pension fund anticipates making a total of $30 million in commitments to Northern Ireland. Crescent Capital is a venture capital manager based in Belfast.