The $154.5 billion New York State Common Retirement Fund disclosed commitments totaling $310 million in July, including $250 million to a buyout fund and $10 million to an emerging mezzanine manager.
The limited partner re-upped with Lindsay Goldberg LLC, more than doubling its $100 million pledge to the firm’s previous vehicle by committing $250 million to Lindsay Goldberg III. The firm held a first close in June on $2.7 billion for Fund III, which has a $4 billion target. Lindsay Goldberg makes control investments in private companies in basic manufacturing, commodity-based manufacturing, financial services, and health care, primarily in North America. The New York-based investment partnership manages more than $5 billion of equity capital.
New York committed $50 million to VantagePoint CleanTech Partners II through a captive fund of funds, GKM Newport/NY Venture Capital Fund. The commitment is part of its Green Strategic Investment Program. VantagePoint Venture Partners, to which the state has committed before, usually makes investments in the $15 million to $50 million range. The firm has more than $4 billion in capital under management and focuses on the cleantech, health care and information technology sectors.
Finally, New York committed $10 million to SW Pelham Fund III LP through a captive fund of funds, Aldus/NY Emerging Fund. SW Pelham is a minority and woman-owned firm and represents a new relationship for the state. Smith Whiley & Company, a middle-market mezzanine firm, is trying to raise $200 million for the fund and anticipates holding a final close in November. Focusing on the lower mid-market, the firm invests $3 million to $15 million in companies with enterprise values ranging from $20 million to $250 million and EBITDA of more than $3 million.