New York State Teachers' Retirement System, Albany, made six private equity commitments and one private debt commitment totaling up to $905 million, according to a report prepared for the $121.8 billion pension fund's governing board.
The commitments were approved in the fourth quarter by Thomas Lee, the pension fund's executive director and chief investment officer, or by the governing board's investment committee.
The retirement system's rules allow the CIO or investment committee to take action without a full board vote under certain circumstances. The board will meet Thursday.
The private equity commitments are:
- Clearlake Capital Partners VI, managed by Clearlake Capital Group, for up to $200 million. It is a North American middle-market buyout fund that focuses on industrials and energy, software and technology-enabled services, and consumer companies, the report said.
- An Abbott Capital Management buyout fund of funds, for up to $200 million. This fund will target institutional funds in North America with fund sizes that are less than $1 billion, the report said.
- MBK Partners Fund V, for up to $150 million. It is a large-cap buyout fund focused on the media, telecommunications, financial service and consumer/retail sectors in South Korea, Japan and China, the report said.
- Valor Equity Partners Fund V, for up to $150 million. The growth fund will focus on control and non-control investments in companies ready for "accelerated growth through operational enhancements," the report said.
- EIV Capital Fund IV, for up to $75 million. The natural resources fund will focus on North American midstream energy businesses and related companies, the report said.
- EIV Capital IV Top-Up Fund, for up to $30 million. The fund will make investments alongside EIV Capital Fund IV.
All managers of the private equity funds have an existing relationship with the pension fund.
Mr. Lee also approved a private debt commitment for up to $100 million for the H.I.G. WhiteHorse Principal Lending Fund, a lower middle-market direct lending fund, the report said. H.I.G. WhiteHorse is the credit affiliate of H.I.G. Capital.