NYSTRS commits $250m in Q1

The public pension committed to Spark Capital, Pine Brook Capital Partners and KKR Asia, and was considering commitments to Highland Capital and Olympus.

New York State Teachers’ Retirement System made three commitments in the first quarter, allocating $250 million to three firms, according to a first quarter private equity review.

The pension system, during the first quarter, committed $15 million to Spark Capital Fund IV, which closed on $450 million in February; $150 million to Pine Brook Capital Partners II, targeting $2 billion; and $85 million to KKR Asia Fund II, targeting $6 billion.

New York State Teachers’ also was performing due diligence on two funds to which it was considering investing: $30 million to Highland Capital Partners IX and $150 million to Olympus Growth Fund VI, according to the pension documents.

The system has 162 active partnerships across 77 private equity and venture capital firms, the documents said. Since inception, the system’s private equity programme has generated a net internal rate of return of 11 percent, as of 31 December, 2012, according to the pension documents.

In February, the system appointed its head of real estate, John Virtanen, to run its $7.2 billion private equity programme.