The New York State Teachers' Retirement System, Albany, committed up to $900 million to four alternative funds managed by Clearlake Capital Partners, Kinderhook Industries and Linden Capital Partners.
The information was contained in a report Thursday that was prepared for the governing board of the $137.9 billion pension system.
The commitments were made in August and September. 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.
According to the report, the commitments were up to $300 million to Clearlake Capital Partners VII, a North American middle-market buyout fund that focuses on technology, industrials and consumer sectors, said the report to the governing board; up to $250 million to Kinderhook Capital Fund VII, a fund that seeks to invest in U.S.-based light manufacturing, automotive, health-care services and environmental services; up to $200 million to Clearlake Opportunities Partners III, a private debt and structured equity fund seeking to invest in non-control securities in the technology, industrials and consumer sectors; and up to $150 million to Linden Capital Partners Fund V, a fund that will make middle-market buyout investments in health-care companies in North America.
Each of the alternatives firms is an existing relationship for the New York pension system.
