New York State Teachers’ backs Thoma Bravo, ABRY, Patria

The $94.4 billion retirement system committed $100 million to Thoma Bravo Fund XI LP, $75 million to ABRY Advanced Securities Fund III LP and $50 million to Patria Investimento’s Brazilian Private Equity Fund V LP, according to the retirement board’s July 23 meeting materials.

Sister website peHUB first reported that New York State Teachers’ was considering a commitment to ABRY Partners’s latest senior debt fund in April. The firm was said to have been planning to hold a final close on its $1.5 billion target in April, according to a report from trade publication Private Debt Investor.

The Blackstone Group-backed Patria recently held a final close on $1.75 billion, above the firm’s $1.5 billion target, peHUB reported. The firm’s previous fund closed on $1.25 billion in 2011. Executives at ABRY and Blackstone did not respond to a request for comment at press time.

Thoma Bravo closed its latest tech-focused buyout fund on $3.65 billion in May after marketing the vehicle for approximately six months. The firm surpassed Fund XI’s target by $1.15 billion.

New York State Teachers’ private equity portfolio was valued at $8 billion as of June 30, according to the meeting materials. Buyout funds account for 51 percent of the market value. 

The private equity portfolio had generated an 11.8 percent internal rate of return and 1.5x investment multiple as of March 31, according to the meeting materials. The portfolio has been cash flow positive since 2011. It appears to be on pace to continue that trend this year, as distributions within the portfolio have outpaced contributions by $412 million year-to-date.

The retirement system had an 8.3 percent allocation to private equity as of June 30, 2013, slightly above its 7 percent target, according to an annual report.