The New York State Common Retirement Fund committed $300 million to RRJ Capital Master Fund in January, according to an investment disclosure released recently. The $150.6 billion retirement fund finalised the commitment 18 January.
RRJ is said to be targeting $4 billion with a $5 billion hard-cap for the vehicle, which will likely tackle deals between $50 million and $300 million in size. The Richard and Charles Ong-led firm was founded in 2011.
“The investment in RRJ is consistent with CRF's strategic PE plan regarding opportunities in Asia. Staff has followed RRJ for several years and is confident in the manager's ability to produce strong risk-adjusted returns,” a spokesperson told Private Equity International in an email.
Shortly after securing New York’s commitment, reports emerged indicating that RRJ had raised at least $3.5 billion for the vehicle, which is expected to come to a final close in early March, according to reports.
The Common Retirement Fund also acquired a €7.9 million secondary stake in Stirling Square Capital Partners Fund II through Access/NY Middle Market Buyout Fund II, a separate CRF account with Access Capital, the spokesperson said. The seller was not disclosed.
Stirling is a European mid-market firm that specialises in cross-border buyout transactions, according to the firm’s website. The firm closed its second Capital Partners fund on €375 million in 2010.