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New York State Common pushes pace, commits $2.2 bln-plus to PE

  • Total includes re-ups with Vista, Hamilton Lane
  • New York State Common forms new relationship with Thoma Bravo
  • Pension committed $6.4 bln in year ending March 31

New York State Common Retirement Fund continued to commit to private equity at a fervent pace in April and May, allocating more than $2.2 billion across nine funds, according to investment disclosures published on its website.

The $178.3 billion retirement fund’s recent activity follows a one-year period ended March 31 in which it committed roughly $6.4 billion, more than any year since 2007. The retirement fund typically discloses new commitments on a two- or three-month lag.

New York State Common Retirement Fund’s April and May commitments included a combined $800 million divided evenly between technology specialists Thoma Bravo and Vista Equity Partners.

The system committed $400 million to Thoma Bravo Fund XII, its first with the firm, in April. Thoma Bravo set a $7.2 billion hard cap for Fund XII. In May, the retirement fund committed $400 million to Vista Foundation Fund III, which is targeting $2.5 billion.

The retirement fund also committed $500 million across a pair of in-state co-investment vehicles managed by Hamilton Lane. The larger commitment, for $300 million, will co-invest in small and middle-market companies. New York State Common Retirement Fund also committed $200 million to a credit-oriented co-investment vehicle for companies operating in the lower middle market.

In addition to those commitments, the system completed re-ups with Ares Management, Cinven, CVC Capital Partners and Hony Capital in April and May (see New York State Common Retirement Fund Commitments – April and May).

New York State Common Retirement Fund valued its PE portfolio at $14.2 billion as of March 31, 2015, according to its most recent annual report. The portfolio delivered a 9.2 percent one-year time weighted return as of the same date.