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New Hampshire commits to Warburg Pincus, Thoma Bravo

  • Assets under management: $8.7 bln
  • PE allocation: $1.55 bln
  • Actual allocation to PE: 17.8 pct
  • Whom to contact for a meeting: Marty Karlon (marty.karlon@nhrs.org)
  • Why this is important: All LP commitments in 2018 have been re-ups

New Hampshire Retirement System at its Sept. 21 meeting committed $100 million to funds from Warburg Pincus and Thoma Bravo.

NHRS re-upped $50 million to Warburg Pincus Global Growth Fund. Technically its 13th flagship fund, Warburg’s growth fund could raise up to $15 billion and hold a final close this year, Buyouts reported in March.

The pension system had to settle for a reduced commitment of $64 million to Warburg’s 12th fund, which closed in excess of $12 billion in 2015.

The system also re-upped $50 million to Thoma Bravo’s 13th fund targeting $10 billion. Previously it committed $46 million to Thoma Bravo’s 12th fund in 2016.

The strategy for Thoma Bravo’s latest fund is unclear, but Fund XII strategy was to make 10 to 12 investments ranging from $200 million to $1 billion per transaction. Seventy-five percent of aggregate commitments would be to North American domiciled enterprises, Los Angeles City Employees’ Retirement System documents said.

Thoma Bravo’s latest fund also received commitments from Orange County Employees Retirement System, Los Angeles Fire and Police Pensions, Minnesota State Board of Investment, Pennsylvania State Employees’ Retirement System and Massachusetts Pension Reserves Investment Management Board.

Earlier in the year, the pension system re-upped $25 million to Industry Ventures’ fifth fund.

The pension system has committed $125 million to private equity strategies to date in 2018.

NHRS’s PE portfolio is composed of buyouts, secondaries, growth equity, secondaries, VC and energy.

The pension system’s commitments range $25 million to $50 million. Its largest commitment of $300 million was to BlackRock’s private opportunities funds, a co-investment fund. Other large relationships included Carlyle Group, Industry Ventures, HarbourVest, Dover Street and Lexington Capital Partners.

NHRS also committed $50 million to Alcentra’s Clareant European Direct Lending Fund III. Previously, the pension system committed $50 million each to Clareant’s European direct lending Funds I and II.

The pension system had $8.7 billion assets under management as of June 30, 2018.

Action Item: Read more on NHRS investments here https://bit.ly/2N9tUOS