New York State Teachers' Retirement System, Albany, made 12 private equity and private debt commitments totaling up to $1.3 billion during the first three months of the year, according to a report on the pension system's website.
Each commitment was approved by Thomas Lee, executive director and chief investment officer of the $111.1 billion pension system, without a full board vote. The retirement system's rules allow the CIO to take action without a vote under certain circumstances.
The commitments are:
• A total of up to £148 million ($193 million) to three funds managed by Inflexion Private Equity Partners. The commitments were made to Inflexion Strategic Capital Fund, which "represents a minority investment in Inflexion and will receive a share of all carried interest, fee profits and co-investment assets across all Inflexion funds"; Inflexion Supplemental Fund V, a co-investment fund focused on middle-market companies in the U.K.; Inflexion Enterprise Fund V, a lower middle-market buyout fund that will focus on making control investments in U.K. companies.
• Up to €150 million ($169 million) to Cinven VII, a large-cap buyout fund focusing on several sectors including health care, industrials, business services and financial services in Europe.
• Up to $150 million to Nautic Partners IX, a middle-market buyout fund that focuses on investments of $25 million or more in growth, consolidation and buyout opportunities in North America.
• Up to A$200 million ($143 million) to Pacific Equity Partners Fund VI, a middle-market buyout fund that will target investments across multiple business sectors in Australia and New Zealand.
• Up to €100 million to Gilde Buy Out Fund VI, a lower middle-market buyout fund managed by Gilde Buy Out Partners that concentrates on leveraged buyouts of companies in Belgium, the Netherlands and Luxembourg, as well as Germany, Austria and Switzerland.
• Up to $100 million to Kinderhook Capital Fund VI, a midmarket buyout fund managed by Kinderhook Industries that focuses on control-oriented investments in companies within the light manufacturing, automotive, health-care services and business/environmental services.
• Up to $100 million to Lovell Minnick Equity Partners V, a middle-market buyout fund managed by Lovell Minnick Partners that concentrates on investments in financial services and related business services in North America.
• Up to $100 million to DCP Capital Partners, a mid- to large-cap fund targeting buyout and substantial minority investments in various sectors — such as consumer, environmental, health care and financial services companies — in China.
• Up to $100 million to Amulet Capital Fund II, a buyout fund managed by Amulet Capital Partners that will concentrate on small- to middle-market investments in health-care companies in North America.
• Up to $100 million to Clearlake Opportunities Partners II, a special situations fund managed by Clearlake Capital Group that will invest in non-control securities of distressed and special situations in small- and medium-size companies in the U.S., emphasizing the technology, industrial, energy and consumer sectors.
The transactions involving Lovell Minnick, DCP Capital and Kinderhook are first-time commitments for the pension system. All others represent existing relationships with those managers.