The New York State Teachers' Retirement System, Albany, made four private equity commitments and two private debt commitments for up to $907 million, according a report prepared for the system's governing board, whose quarterly meeting is Thursday.
The commitments were made during the first quarter. Each was approved by Thomas Lee, executive director and CIO, without a full board vote. The $134.8 billion pension system's rules allow the CIO to take action without a vote under certain circumstances.
The commitments were:
Hellman & Friedman Capital Partners X, for up to $300 million, to "a large/mega buyout fund focused on investments in multiple business sectors, including financial services, health care, internet and media in North America and Europe," the report said.
- Two funds managed by Cinven — up to €100 million ($121 million) to the Cinven Strategic Financials Fund, which targets large-cap buyouts in financial services firms in Europe, and up to €50 million ($61 million) to the Cinven Strategic Financials Co-Investment Fund, which will invest alongside the Cinven Strategic Financials Fund, the report said.
- Monomoy Capital Partners IV, for up to $125 million, to a "turnaround/restructuring fund focused on investments in the manufacturing, distribution and consumer products sectors in North America," the report said.
- H.I.G WhiteHorse Direct Lending Fund - 2020, an affiliate of H.I.G. Capital, for up to $200 million, was approved by the executive director/CIO on March 2, The commitment is to a private direct lending fund "focused on senior secured loans primarily for non-sponsor borrowers in high-quality, performing businesses with a history of cash flow generation and experienced management teams, that lack access to traditional sources of financing in North America," the report said.
- Comvest Credit Partners V, managed by Comvest Partners, for up to $100 million. The commitment is to a direct lending fund catering to "non-traditionally sponsored borrowers in the consumer products, health care, financial services, business and technology services, industrials and retail sectors in North America," the report said.