New York State Teachers’ Retirement System, Albany, made three private equity commitments totaling up to $185 million, said agenda materials prepared for the pension fund’s April 28 board meeting.
The $106 billion pension fund committed up to $100 million to Technology Crossover Ventures IX, a venture capital fund that focuses on the Internet, software and technology services.
It also committed up to $85 million total to Spark Capital, a venture capital firm. The pension fund committed up to $60 million to Spark Capital Growth Fund II, which focuses on later-stage companies in the Internet and mobile communications sectors, and up to $25 million to Spark Capital V, which invests in early-stage U.S. online businesses that are consumer-oriented. Each commitment was approved by Thomas Lee, the executive director and chief investment officer, without a board vote. The CIO has the authority to invest up to $100 million in any private equity fund, limited partnership or other collective investment vehicle without board approval.
John Cardillo, a spokesman for the teachers’ pension fund, could not be reached by press time.