The $126 billion New York State Common Retirement Fund recently announced two pledges made in November totaling $40 million, one to an emerging manager, another to a firm investing largely in the Northeast.
Clearlake Capital Group’s Clearlake Capital Partners II received a $15 million commitment through the NYSCRF Pioneer Partnership Fund – A, part of the pension fund’s emerging-manager program. This is a new relationship for the limited partner. The commitment closed on Nov. 2, 2009.
New York City-based Clearlake Capital takes control positions in small and mid-size North American companies. As of April, the New York-based firm had secured more than $200 million for its second fund, which has a hard cap of $500 million. Clearlake Capital Group integrates private equity, leveraged finance and special situations in private and public market investment opportunities.
The state also re-upped with DeltaPoint Capital Management through a $25 million pledge to DeltaPoint Capital IV, which is earmarked for buyout and growth equity investments throughout the Northeast. The commitment closed on Nov. 6, 2009, and is part of an in-state private equity program.
DeltaPoint Capital Management, a Rochester, N.Y.-based private equity fund manager, announced the first closing of the fund in November with more than $50 million, and is targeting a final close of between $100 million and $125 million. The firm deploys capital in underserved markets, especially in New York state, to help provide economic stability in the region and grow employment numbers. DeltaPoint Capital plans to invest in as many as 15 businesses over the next six years.
As of March 31, 2009, private equity accounted for 9.7 percent of New York State’s investments, near its cap of 10 percent.