New York State Teachers' Retirement System, Albany, committed $300 million to private equity and real estate funds.
The transactions were presented by staff of the $107.6 billion pension fund at the quarterly board meeting on Wednesday.
The pension fund committed:
- $100 million to Lone Star Fund IX, an opportunistic real estate strategy that invests in “sub-performing and non-performing single-family real estate secured debt, corporate debt and consumer debt,” said John Cardillo, a NYSTRS spokesman. The pension system has invested in six other Lone Star funds, he said.
- $100 million to the Thoma Bravo Fund XI. Mr. Cardillo said it is a buyout fund focusing on the software industry, adding that the pension system has made commitments to two other Thoma Bravo funds.
- $50 million to CBRE Strategic Partners U.S. Value 7, value-added real estate. Mr. Cardillo said NYSTRS has made commitments to four other CBRE Global Investors funds.
- $50 million to the buyout fund Patria-Brazilian Private Equity Fund V. It is the first commitment to Patria Investimentos.
The board also approved a series of one-year contract renewals:
- Baillie Gifford, $575.2 million in international equities, effective Sept. 15;
- William Blair & Co., $582.8 million in international growth equities, effective Sept. 22;
- T. Rowe Price Group, $581.9 million in domestic enhanced equities, effective Oct. 30;
- Progress Investment Management, $791.6 million domestic equity manager of emerging managers, effective Nov. 15;
- Leading Edge Investment Advisors, $397.3 million domestic equity manager of managers, effective Nov. 22;
- Cohen & Steers Capital Management, $257.9 million in REITs, effective Sept. 13; and
- Prima Capital Advisors, $301.4 million in a portfolio that includes commercial mortgage-backed securities, investment-grade REIT bonds and mezzanine loans, effective Oct. 1.