Nebraska commits $56m in re-ups

The $17.8bn Nebraska Investment Council plans to invest between $140m and $160m in private equity in 2013.

The Nebraska Investment Council approved a $30 million commitment to New Mountain Capital Fund IV and a $26 million commitment to CVC European Equity Capital Partners VI at its meeting earlier this week, state investment officer Jeff States told Private Equity International. 

New Mountain launched Fund IV earlier this year with a $3 billion target, according to documents filed with the US Securities and Exchange Commission. New Mountain represents an existing relationship for Nebraska, which committed to the firm’s $5.1 billion Fund III. The firm typically invests between $100 million and $500 million in North American companies. 

CVC’s sixth European fund is targeting $9 billion, according to Private Equity International’s Research & Analytics division. The firm invests at least $150 million in European businesses. Nebraska also committed to CVC’s $10.5 billion fifth Europe fund, a 2008 vintage. 

The Council plans to invest between $140 million and $160 million in private equity in 2013. Individual commitments will likely range between $20 million and $25 million in size. 

“The primary focus will continue to be middle market buyout and growth,” States said in a previous interview. “Principally US based, but we’re still looking … for what funds that are available to give us more global [exposure],” he said. 

The Nebraska State Investment Council manages $17.8 billion in retirement system and endowment assets, according to its website. Last year, the Council approved commitments to funds including Beecken Petty O’Keefe Fund IV, Dover Street VIII and  Accel-KKR Capital Partners IV.