New York State Common Retirement Fund committed to a $2 billion co-investment fund with Neuberger Berman, according to a document posted on the website of New York State comptroller Thomas DiNapoli.
The fund, NYSCRF NB Co-Investment Fund II, will “opportunistically co-invest primarily alongside CRF’s private equity managers.” New York Common will commit the money in three tranches, two of $750 million and one of $500 million.
New York Common committed more than twice as much to this fund as it did to its predecessor, and this time will pay the commitments in larger tranches. In 2015, it committed $800 million to the first Neuberger Berman co-investment fund, as Buyouts reported. That fund was paid in four $200 million tranches.
As of March 31, New York Common had contributed $630.8 million to the first fund, and received just under $100 million in distributions, according to fund documents. The fund’s total value was $782.56 million.
New York Common also committed $200 million to Vista Foundation Fund IV, managed by Vista Equity Partners. This fund is targeting $3.25 billion with a $4 billion hard-cap and has an ascending carried interest based on performance, as Buyouts reported.
Through its Israel fund, managed by Hamilton Lane, New York Common also committed $15 million to S Capital II. This fund raised at least $121.5 million, according to a Form D. S Capital makes venture investments in Israel and is run by Haim Sadger and Aya Peterburg, according to its website.
Neither New York Common nor Neuberger Berman responded to requests for comment.
As of September 30, 2019, New York Common was valued at $215.4 billion.
Action Item: Read the state comptroller’s full disclosure document here.
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