The New York State Teachers’ Retirement System has committed roughly $198 million to two Lone Star funds and a UK-based buyout fund.
The state pension committed $75 million each to Lone Star Real Estate Fund II and Lone Star Fund VII, both of which are targeting $4 billion, according to independent consulting firm Navigant Consulting. Texas-based Lone Star reached first closes on the two funds in 2009 on $1 billion each.
New York also committed £30 million (€36 million; $47 million) to mid-market UK firm Inflexion Private Equity’s 2010 Buyout Fund. Inflexion’s target for the fund was unclear at press time, but the firm is thought to be seeking more than its £165 million 2006 buyout vehicle, according to media reports. Inflexion was founded in 1999 and has £340 million total assets under management.
New York State Teachers’ Retirement System, which had assets of $72.5 billion as of 30 June 2009, earlier this year promoted Dhvani Shah to the newly created executive level position of managing director of private equity. The pension hired Shah from Bank of America, where she worked as a vice president on private equity transactions.