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NYSTRS reveals over $1bn of new private equity commitments

NYSTRS reveals over $1bn of new private equity commitments


The $121.8bn-managing New York State Teachers Retirement System has revealed more than $1bn of new private equity commitments.

NYSTRS said new partnerships approved or closed in the last three months of 2019 included $200m commitments to a pair of funds.

Clearlake Capital Partners picked up $200m for its sixth flagship fundraise, which is expected to reach $7bn at final close.

Another $200m went to Abbott Select EM Buyouts, a private equity fund of one that will target first, second or third institutional managed funds in North America with fund sizes under $1bn.

NYSTRS said it also made $150m commitments to a trio of funds, including MBK Partners V, the latest large cap buyout fund from the firm targeting control deals in China, Korea and Japan.

The firm is targeting up to $6.5bn for the vehicle, well above the $4.1bn it gathered for its predecessor fund.

Valor Equity Partners received $150m towards its fifth fund, the successor to its $1.05bn fourth fund closed in 2018, while $150m went to separately managed account HarbourVest/NYSTRS Coinvest Fund III.

Other commitments included $100m to Cortec Group Fund VII, $75m to EIV Capital Fund IV and $30m to EIV Capital IV Top-Up Fund.

NYSTRS had $21.6bn in active private equity commitments at the turn of the year, with 220 active partnerships across 83 sponsors.

Inception through September 30, 2019, the portfolio returned a net IRR of 12.3 per cent and a net multiple of 1.6x invested capital.

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