New York City Public Pension Funds acquired their largest commitments to date to private equity via marquee funds From CVC Capital Partners and Apollo Global Management. The pledge was part of series of pledges made by the retirement system that totaled US$1.3 billion which also included first-time pledges to several emerging managers.
New York City Public Pensions is a pension system that includes retirement funds for city employees, police, teachers and firefighters.
In the second quarter, New York City pledged US$500 million each to new flagship funds from London-based CVC and New York's Apollo in line with its multi-year relationships with the two sponsors. The recent commitments easily topped NYC Pension's US$425 million previous pledge to Warburg Pincus Private Equity XI.
The pension fund also made US$25 million commitments each to Altaris Health Partners, II and Incline Equity Partners III. It also pledged US$20 million to Capital Partners Private Equity Income Fund II and US$15 million to Grey Mountain Partners Fund III.
"It's consistent with our policy ... to have larger commitments to fewer managers that are top-quartile," remarked chief investment officer Larry Schloss. "These are proven managers for us."
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