The New York Common Retirement Fund has committed $300 million to private equity according to recently released meeting documents.
$250 million will go to Hellman and Friedman Capital Partners VIII. That fund closed in November on $10.9 billion, after a lightening fast fundraise – PEI reported at the time. Fund VIII includes a $500 million GP commitment, as well as additional capital from “friends and family” investors.
Known investors in the fund include the Los Angeles County Employees Retirement Association (LACERA) and the New Jersey Division of Investment, according to Private Equity International’s research and analytics division.
$50 million will go to Asia Alternatives Capital Partners IV. The Asia emerging fund of funds vehicle is currently in market with a $900 million target.
Both investments were based on existing GP relationships. No placement agents were involved.
The documents also show that the retirement fund is currently rebalancing its asset allocation mix, but no details were provided. So far, the bulk of the changes are in the domestic equity portfolio. Three managers were terminated in domestic equity – Globeflex Capital, New Amsterdam Partners, and Steinberg Asset Management. The terminations were attributed to the rebalancing process.