US pension fund invests over $10m in Australia’s Adamantem Capital Fund II

Anthony Kerwick, managing director of Adamantem Capital.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.