New York State Teachers’ Retirement System, Albany, has made seven commitments totaling up to $1.2 billion. The commitments were announced July 31 at the pension system trustees' quarterly meeting.
The board of the $145.5 billion pension system voted to authorize a commitment of up to $75 million to Advent Capital Management for a U.S. broad-market high-yield fixed-income mandate benchmarked to the ICE BofA U.S. High Yield Constrained index.
The board also reported five private equity commitments that did not require board approval. According to a spokesman, the commitments to new funds from existing managers are:
- $300 million to Nautic Partners XI, a growth fund that focuses on midmarket buyouts.
- $150 million to Monomoy Capital Partners V, a value fund concentrating on small/midmarket buyouts.
- $150 million to JFL Equity Investors VI, a value fund managed by J.F. Lehman & Co. that focuses on small/midmarket buyouts.
- $150 million to Tenex Capital Partners IV, a value-focused fund managed by Tenex Capital Management that invests in small/midmarket buyouts.
- €75 million ($82 million) to Phoenix Equity Partners 2022 Fund, a growth-focused small/midmarket buyout fund, managed by Phoenix Equity Partners.
The pension system also reported a follow-on real estate commitment of $300 million to FCP Freddie Mac K Series Debt Separate Account, which didn’t require a vote by the trustees.
