- 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.
Action Item: New York State Common Retirement Fund: www.osc.state.ny.us
New York State Comptroller Thomas DiNapoli speaks during an interview with Reuters in New York on October 18, 2010. Photo courtesy Reuters/Brendan McDermid