New York State Teachers’ Retirement System, Albany, committed up to $540 million to private equity.
The $109 billion pension committed up to $150 million total to two funds managed by Clearlake Capital Group — up to $100 million to Clearlake Capital Partners IV and up to $50 million to Clearlake Opportunities Partners. The former concentrates on “control buyouts of companies that are distressed, underperforming or undergoing a complex organizational change,” John Cardillo, a pension fund spokesman, said in an e-mail. The latter is “focused on non-control oriented investments in companies that are distressed, underperforming or undergoing complex organizational change,” he added. The pension fund committed $50 million to a prior Clearlake fund.
It also committed up to $150 million to HIPEP Select Asia II, managed by HarbourVest Partners, “focused on committing capital to middle-market managers in developing and developed Asia,” Mr. Cardillo wrote. The pension fund previously committed $100 million to HIPEP Select Asia.
The pension fund also committed up to $100 million to middle-market buyout fund Sterling Group Partners IV; up to $75 million to Cortec Group Fund VI, a lower middle-market buyout fund; and up to $65 million to Institutional Venture Partners XV, a late-stage venture capital fund. NYSTRS previously committed to all three managers, Mr. Cardillo said.
The private equity commitments were reported in documents presented Wednesday at the quarterly meeting of the retirement system’s governing board.