- NYS Common expands account with 57 Stars
- Existing fund valued at $83.3 mln
- Previous fund includes commitments to Polish, Russian funds
New York State Common Retirement Fundis expanding its exposure to emerging markets within European private equity with a new 57 Stars separate account.
The firm, which specializes in emerging markets, already manages a $115 million captive fund-of-funds for New York’s $197.6 billion public retirement system.
That vehicle, which was formed in 2009, includes commitments across 10 country-focused funds totaling a little less than $110 million, according to New York’s annual report (see chart).
|57 Stars Emerging Europe Fund (NYSCRF) LP|
|Fund||Vintage Year||Capital Committed||Country Focus|
|Abris CEE Middle Market Fund II||2012||$13,600,000||Central Europe|
|Actera Partners II||2012||$15,000,000||Turkey|
|Baring Vostok V||2012||$11,250,000||Russia|
|Crescent Capital III||2013||$14,906,239||UK/Northern Ireland|
|Fortissimo Capital Fund III||2012||$10,000,000||Israel|
|Bank of Ireland Kernel Capital Growth Fund||2016||$7,000,000||UK/Northern Ireland|
|Tene Growth Capital III||2013||$12,500,000||Israel|
|Turkven Private Equity Fund III||2012||$15,000,000||Turkey|
|Source: New York State Common Retirement Fund (as of March 31, 2017)|
New York’s account with 57 Stars had distributed $6.3 million and was marked as having a total value of $83.3 million as of March 31, according to New York State Common’s annual report.
Carl Balit, Amit Chandra and John Engel are executive directors at 57 Stars. The firm’s roster of managing directors includes Christopher Bruneau, Cheng Chee Mun, Steve Cowan, Bernard McGuire Jr., Stephen O’Neill, Gene Pohren andCharles Toy.
57 Stars has offices in Washington, São Paulo, San Diego and Munich. The firm also operates a subsidiary based in Singapore.
Action Item: For more information on 57 Stars, visit www.57stars.net
Action Item: Download the table as an Excel file: 57 Stars Emerging Europe Fund