NYCERS bets on Freeman Spogli, Landmark

New York City's $102bn pension has made a new commitment to Freeman Spogli’s sixth fund and increased a previous commitment to Landmark’s fourteenth fund.

The New York City Public Employees’ Retirement System has committed $32.5 million to Freeman Spogli Equity Partners VI and has increased a previous commitment to Landmark Equity Partners XIV to $56.1 million. NYCERS’ original commitment to Landmark’s fund could not be determined by press time.
Freeman Spogli, a Los Angeles-based firm, began marketing its $1.5 billion sixth fund in January 2009. The firm has been looking to raise a substantial amount of capital outside the US, but had only been able to collect $450 million from its traditional investors – 95 percent of which are based in North America – as of February.

Landmark met its target of $1.5 billion for Fund XIV earlier this year, according to documents from the US Securities and Exchange Commission. The target was lowered from the fund’s initial offering of $2.4bn. It’s not clear when the firm will officially close fundraising. In March, the Connecticut Retirement Plans and Trust Fund committed $100 million to Landmark’s 14th fund.

Landmark also is raising a parallel fund to Fund XIV, though no offering amount is disclosed in the SEC filing.

Freeman Spogli focuses exclusively on investing with management in retail, direct marketing, distribution, retail services and consumer products companies. The firm has invested over $2.7 billion in 44 portfolio companies since its founding in 1983. The aggregate value of the companies acquired in connection with these investments is approximately $17 billion.

Landmark, based in Connecticut, has raised a total of 26 funds since it was founded in 1989. Landmark’s funds focus on providing liquidity to owners of interests in venture, mezzanine, buyout and real estate limited partnerships. The firm’s funds have raised more than $7.5 billion of equity in the past 11 years, which has been deployed across 1,100 partnerships comprising more than 13,000 underlying company and property investments, according to the firm's web site.