NYCERS commits $283m to private equity

The city’s public employees’ retirement system has committed to Carlyle, Landmark and Platinum Equity since December.

The New York City Employees’ Retirement System has committed $75 million to Landmark Partners Fund XV, which is targeting $2.5 billion for secondary investments.

NYCERS published a list of its recent commitments for its board meeting this week, showing commitments it has made since December. Along with the $75 million commitment to Landmark’s next flagship fund, the pension system also committed $25 million to Landmark – NYC Fund I, a co-investment vehicle, according to pension documents.

The Carlyle Group also got support from the system – NYCERS committed $75 million to Carlyle Partners VI, which has been targeting $10 billion, and $8.3 million to a sidecar co-investment vehicle to Carlyle VI, the documents said.

The system’s biggest commitment in recent months — $100 million — went to Platinum Equity Capital Partners III, which has been targeting $3.75 billion. That commitment closed in December, according to the documents.

NYCERS’ private equity advisor StepStone Group also gave an overview of the system’s private equity programme in the meeting materials. According to the presentation, NYCERS had relationships with 82 managers as of 30 September, 2012, through which it had 126 investments, $6 billion of committed capital and $2 billion of unfunded commitments.

The system’s total portfolio, which was launched in 1997, was producing an 8.4 percent internal rate of return as of 30 September, 2012, according to the StepStone report.

NYCERS’ investment portfolio is overseen by chief investment officer in the city Comptroller’s office Larry Schloss, and its private equity programme is headed up by Barry Miller.