The $89bn New York State Teachers Retirement System (NYSTRS) has given British private equity firm Cinven $131m (EUR150) to put towards its latest European buyout fund.
According to a spokesman for the fund, the board had also considered giving a $50m mandate to venture capital firm Advanced Technology Ventures (ATV). Despite the recommendation of the fund's investment staff, the board decided against giving ATV the mandate. The source declined to comment on the reasoning behind the board’s decision.
If NYSTRS had approved the ATV mandate, it would have been its second major venture capital investment this year. In May, NYSTRS had committed $50m to VantagePoint Venture Partners' new New York state technology fund. The new VantagePoint fund will invest in technology based start-up companies in New York state and has $150m in capital.
Based in London, Cinven is a provider of private equity for larger European buyouts. Established in 1977, the firm is entirely owned by its directors, and since 1995, Cinven has led buyouts with a total value of over $17.46bn (EUR20bn). It is the only firm in Europe to have led eight buyouts over (EUR1bn). Cinven recently sold the UK media group IPC to AOL Time Warner for $1.6bn.
By Geoffrey Ho
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers