NYC Public Pension Funds is looking for more partners after pledging US $1 billion to both its long-time partners, CVC Capital Partners and Apollo Global Management.
Larry Schloss, chief investment officer of the fund, considers Apollo and CVC as "proven managers." Schloss is responsible for growing the estimated US $137 billion pension for the benefit of retired public employees, teachers, firefighters and police officers.
Last year, the fund committed US $425 million to Warburg Pincus Private Equity, its largest transaction at that time.
The fund just recently committed US $225 million to Olympus Growth Fund, which is seen as a shift in the New York City's interest from venture capital to growth equity.
However, even if the pension fund is choosing carefully its partners (the managers should be "top-quartile"), it nevertheless pledged US $20 million to Capital Partners Private Equity Income Fund, another US $25 million to Incline Equity Partners, and US $15 million to Grey Mountain Partners Fund. The three companies are classified as lower to middle market.
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