The New York State Common Retirement Fund (NYSCRF) has invested A$14 million ($10.25 million) in Australian private equity firm Adamantem Capital’s second fund.
The investment, which was closed on July 31, 2020, was routed through the NYAI Co-Investment Fund III – a separate account of the US pension fund, according to a disclosure by the New York State comptroller Thomas P. DiNapoli.
The development was first reported by Pension & Investments Online.
In a separate development, in July, the pension fund committed 300 million euros ($354.4 million) to EQT IX – EQT Partners’ buyout fund targeting European assets, and another $10 million to early-stage venture investment fund Pitango Venture Capital Fund VIII.
NYSCRF is also a limited partner in Adamantem Capital’s first buyout fund where it made a $10 million investment in 2018. Adamantem Capital’s maiden fund has a corpus of A$600 million, of which as much as 78 per cent has been reportedly deployed, per an Australia Financial Review report.
Adamantem Capital is said to have secured more than A$500 million for the vehicle, the report added.
Adamantem Capital was established in 2016 by former managing directors of Pacific Equity Partners – Anthony Kerwick and Rob Koczkar.
Its Fund II, which continues to focus on mid-market opportunities in Australia and New Zealand, is targeting a total corpus of A$750 million, according to Vantage Private Equity Growth 4 (VPEG4), an Australian private equity fund of funds, which earlier committed A$10 million in the vehicle.
Fund II will look at businesses with enterprise values ranging from A$100-300 million, according to VPEG4.
Its Fund I has so far made six investments in Australia and New Zealand. Its portfolio companies include Heritage Lifecare – an aged care and retirement services provider, animal feed producer Hygain Holdings, specialised data and analytics consultancy firm Servian, community-based healthcare provider Zenitas, consumer goods firm Hellers and electrical distributor Legend Corporation.
The Australia Financial Review wrote that Adamantem Capital is in talks for its seventh investment in COVID-19-impacted Spotless Laundries.