The New Jersey State Investment Council has gone with a pair of re-ups for its latest commitments, authorizing pledges of $50 million commitment to Charterhouse Capital Partners IX LP and $100 million to Onex Partners III LP, according to Thomas Vincz, a spokesperson for the limited partner.
Charterhouse Capital, based in London, sponsors management buyouts and corporate restructurings in industrial and commercial sectors in Western Europe, especially in the United Kingdom and France. It typically invests €200 million ($143 million) to €600 million in companies valued at €400 million to €4 billion. The firm’s first closing garnered €3.6 billion, more than half way to its target of €6 billion for Fund IX.
Toronto-based Onex Partners had drawn third-party capital for Fund III of about $2.5 billion, on top of its own commitment of $1.0 billion, as of Sept. 30, for a total of $3.5 billion toward its $4.5 billion goal. The firm will likely complete its fundraising in the second quarter of 2009. Onex Partners invests mostly in the aerospace, health care and industrial sectors, carving out parts of U.S. multinational corporations and transforming them into stand-alone companies.
The New Jersey State Investment Council has about $62 billion in assets under management. In June, its actual allocation to private equity stood at 3.4 percent, with a medium-term goal of 5 percent. The state has about half of its private equity portfolio in large and mid-market buyout funds, about 11 percent in international buyouts and about 8 percent in small market U.S. buyout funds. The rest is divided among distressed, mezzanine, venture, co-investments, emerging managers and secondaries, according to a Nov. 20 presentation by William Clark, director of the division of investment.