New York State Teachers' Retirement System, Albany, disclosed a total of up to $490 million in private debt and private equity commitments.
Within private debt, the $121.8 billion pension fund committed up to $200 million to Orion Energy Credit Opportunities Fund III, a direct lending fund that focuses on lending to North American middle-market energy companies managed by Orion Energy Partners, according to Oct. 31 board meeting materials.
Within private equity, the pension fund committed up to $150 million to HarbourVest/NYSTRS Coinvest Fund III, a separate account deploying capital to co-investment opportunities to North American growth equity sponsors managed by HarbourVest Partners.
Also within private equity, NYSTRS committed up to $100 million to Cortec Group Fund VII, middle-market buyout fund and up to $40 million to SKCP Catalyst Fund I, a lower middle-market buyout fund, managed by SK Capital Partners.
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.