NY public pension commits $284m to private equity

The New York Common Retirement Fund, the third largest in the US, has made public recent commitments to CVC Capital Partners’s recently closed mega-fund and Leichtman Capital Partners mid-market fund, which is targeting $1bn.

The New York State Common Retirement Fund (CRF) has committed $284 million (€182.6 million) to two private equity funds.

The $154.5 billion state pension committed €150 million ($234 million) to European buyout firm CVC Capital Partners’ fifth buyout fund, which closed on €12.1 billion in March. CRF also allocated $50 million to mid-market private equity firm Levine Leichtman Capital Partners’ fourth fund targeting $1 billion, according to the Probitas Partners 2008 Private Equity Deskbook.

Also among the transactions were new commitments to domestic equity, real estate and absolute return funds. CRF allocated $80 million to two domestic equity investment firms as part of its emerging managers program with fund of funds manager Progress Investment Management Company. Lynmar Capital Group received $55 million and Insight Capital Research & Management received $25 million.

The pension also invested $1 million in global macro-focussed hedge fund Clarium Capital though a fund of funds as part of its absolute return strategies allocation.

CRF funded a $4.7 million mortgage for an affordable housing property in West Sayville, New York.

CRF is the third largest pension plan in the US and paid out $6.38 billion in benefits last year.