The New York State Teachers’ Retirement System (NYSTRS) has committed a total investment of $458 million across six private equity funds, of which $100 million will be pumped into South Korea’s MBK Partners Fund IV.
Private equity firm MBK Partners had raised its fourth $4.1 billion fund in December last year, for which it has already received commitments from global investors including Singapore’s sovereign wealth fund GIC and Canada Pension Plan Investment Board.
NYSTRS has also committed about $50 million each to EIV Capital fund III, which was reported to hit a close at $450 million last month, and Amulet Capital for its debut fund, as per a report in The Alternative Assets Network.
Besides, the pension fund has committed $83 million to ABRY Senior Equity for its fifth fund worth $1.05 billion, and $100 million to Veritas Capital Buyout Fund VI, which launched last month with a $3 billion target. It has also committed €70 million to the only European fund TDR Capital Fund IV, the report added.
Established in 1921 by the New York State Legislature, NYSTRS provides retirement, disability and death benefits to eligible New York State public school teachers and administrators. It invests in a diverse range of asset classes including domestic equities, international equities, domestic fixed-income, real estate, mortgages, alternative investments, global bonds and short-term investments/cash equivalents.
MBK Partners has assets worth $15 billion under management and mainly invests in companies in the Northeast Asia region. The firm has offices throughout Asia including China, Japan and Hong Kong.
The firm launched its first fund worth $1 billion in 2005, and second and third fund worth $1.5 billion and $2.7 billion in 2008 and 2013, respectively. Its total operating asset value is nearly double that of Asia’s second largest private equity fund operator Affinity Equity Partners based in Hong Kong.