New York State Teachers' Retirement System, Albany, made three private equity commitments and one private debt commitment totaling up to $500 million, according to a report issued Thursday by the $119.9 billion pension fund.
The report was presented during the quarterly meeting of the pension fund's governing board.
The private equity commitments are:
- Up to $200 million to the Thoma Bravo Fund XIII, which focuses on software and technology service companies. The pension fund has made commitments to five previous Thoma Bravo funds.
- Up to $100 million to TCV X, managed by Technology Crossover Ventures, which concentrates on late-stage, venture and growth companies in internet, software and other technology companies. The pension fund has committed to five other TCV funds.
- Up to $100 million total to Hahn & Co. III and Hahn & Co. III-S, described in an email from pension fund spokesman John Cardillo as making "control investments in the industrial, consumer, retail and transportations sectors" in South Korea. This is a new relationship.
The private debt commitment was made to ABRY Advanced Securities Fund IV, for up to $100 million. Managed by ABRY Partners, the fund invests in "senior bank loans in the media, information, communications, business services and related sectors," Mr. Cardillo wrote. The pension system previously made commitments to two other ABRY funds.
Each commitment was approved by Thomas Lee, the pension fund's executive director and chief investment officer, without a full board vote. The retirement system's rules allow the CIO to take action without a full board vote under certain circumstances.