The $126 billion New York State Common Retirement Fund recently announced four pledges made in December totaling $160 million, three to emerging managers and one to a firm investing in China and India.
Bunker Hill Capital received a $25 million pledge for Bunker Hill Capital II through the Pioneer Partnership Fund B, which is part of the pension fund’s emerging manager program. The Boston-based firm focuses on buyouts of lower-mid-market companies.
Relativity Capital got a $30 million slug for its debut vehicle, Relativity Fund, also via the Pioneer Partnership Fund B. As of December, the firm had raised at least $168.5 million, putting the Arlington, Va.-based firm more than half way to its goal of $300 million. The firm launched the fund in October 2007. Relativity Capital invests $5 million to $30 million in buyouts and distressed deals in the aerospace, automotive, business services, consumer, defense, manufacturing and health care industries. Backers include the Los Angeles City Employees’ Retirement System, Michigan 21st Century Investment Fund and the Philadelphia Pension Fund.
Clearlake Capital Group, which received a $15 million commitment from the LP in December, got an additional $5 million commitment to Clearlake Capital Partners II through the Pioneer Partnership Fund A, also part of the emerging manager program. New York City-based Clearlake Capital takes control positions in small and mid-size companies. As of April, the firm had secured more than $200 million for the fund, which has a hard cap of $500 million. Supporters include the Teachers’ Retirement System of the State of Illinois and the Los Angeles Fire & Police Pension System.
The pension fund re-upped to the tune of $100 million with Hong Kong-based SAIF Partners. The firm has earmarked SAIF Partners IV for growth equity opportunities and buyouts in Greater China and India, making investments of between $10 million and $100 million. The California Public Employees’ Retirement System recently committed $120 million.