LPs

NYS Common expands emerging-market platform with 57 Stars fund

-
New York State Common Retirement Fund, pension fund, 57 Stars Fund, private equity, emerging markets, Poland
Polish currency zloty coins are seen in this photo illustration taken in Warsaw, Poland, September 29, 2012. REUTERS/Peter Andrews/File Photo
  • 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 Fund is 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
KEG Co-Investment 2016 $5,000,000 Kenya
Ab-Pol Co-Investment 2017 $50,000,000 Poland
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 and Charles 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

Polish zloty coins are seen in this photo illustration taken in Warsaw on Sept. 29, 2012. REUTERS/Peter Andrews