New York State Teachers' Retirement System, Albany, made three private equity commitments totaling up to $375 million, according to a report prepared for the $120.5 billion pension system's governing board in advance of the board's quarterly meeting Thursday.
The commitments were made during the October-December quarter. Each was approved by Thomas Lee, executive director and CIO, without a full board vote. The pension system's rules allow the CIO to take action without a vote under certain circumstances.
The commitments are:
- Up to $200 million to GTCR Fund XIII. The is a large buyout fund that invests in, among other things, financial services, technology, health care, and business services companies, the report said. GTCR is an existing relationship for the pension system.
- Up to $100 million to NMS Fund IV. The buyout fund, managed by NMS Capital, concentrates on investments in the health-care services and business services sectors of the lower middle market in North America, the report said. NMS Capital is an existing relationship.
- Up to $75 million to Mill Point Capital Partners II. The buyout fund focuses on investments in the industrial, information technology services and business services sectors of the lower middle market in North America, the report said. Mill Point is a new relationship for the pension fund.