The New York State Teachers' Retirement System, Albany, made three private equity commitments totaling up to $375 million.
The commitments were disclosed in a document prepared for Thursday's quarterly meeting of the $109.2 billion pension system's board.
The commitments were made to:
- GTCR XII for up to $150 million. This fund "focuses on North American control buyouts and management startups in the technology, health-care, financial services and growth business services sectors," according to the document. The pension system previously made four commitments totaling $375 million to GTCR funds, John Cardillo, a pension spokesman, said in an email.
- Clearlake Capital Partners V for up to $150 million. Managed by Clearlake Capital Group, the fund "focuses on special situations primarily in North American-based middle-market companies in the technology, industrials and consumer sectors that are underperforming peers or experiencing financial distress," the document said. Mr. Cardillo wrote that the pension system had made three other commitments to Clearlake funds totaling $187 million.
- NMS Capital III for up to $75 million. Managed by New Mainstream Capital, the fund "seeks to execute control and joint buyout investments in lower-middle-market business services and health-care services companies in North America," the board document said. This is the pension system's first deal with this manager, Mr. Cardillo wrote.
Each commitment was approved by Thomas Lee, executive director and chief investment officer. The pension system's bylaws allow for commitments to be made under certain circumstance without a full board vote.