The Nebraska Investment Council approved a $20 million commitment to Beecken Petty O’Keefe Fund IV, state investment officer Jeff States told Private Equity International.
The commitment represents a new relationship for Nebraska, according to States.
Beecken is targeting $400 million for its latest flagship fund, which launched earlier this year, according to US Securities and Exchange Commission documents. Lazard, Oppenheimer & Company and Stiffel, Nicolaus & Company are listed as associated brokers or dealers on the fund.
The firm typically invests in mid-market buyouts, recapitalisations and growth platforms in the healthcare sector, according to its website. The enterprise values of Beecken’s buyout and recapitalisation transactions range between $40 million and $500 million. For growth level investments, those enterprise values tend to be between $5 million and $50 million.
The firm did not respond to a request for comment.
Earlier this month, Beecken closed on a deal to acquire Southern Anesthesia and Surgical, a distributer of pharmaceuticals and surgical supplies for oral health professionals, according to a release. It is unclear whether the firm used investment capital from its latest offering, or from its $400 million 2010 vintage, for equity in the transaction.
The Nebraska Investment Council is responsible for managing $17.6 billion in state and local retirement system assets, as well as the assets of several endowments, trusts and the state’s deferred compensation plan. The council has a 5 percent target allocation for private equity.
In August, the council approved a plan that would allow its investment staff to re-up with private equity and real estate fund managers without having to wait for approval. Under the new protocol, such re-ups would be permitted in instances when optimal or previously agreed upon fund terms are being offered. Commitments would likely be limited to around $25 million, States told Private Equity International at the time.