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Manager Selection

New York State Pension Puts More Into Private Equity

The $273 billion New York State Common Retirement Fund committed $2.3 billion to the asset class during March and May alone.
By Michael Katz

The New York State Common Retirement Fund continued to pile money into private equity investments this spring, earmarking another $900 million in commitments to the asset class in May, according to the $273 billion pension giant’s monthly transaction report. 

The May allocations followed a subdued April, which was preceded by more than $1.4 billion in private equity allocations in March.

The May allocations to the asset class represent 75% of the $1.2 billion in overall commitments the NYSCRF made during the month. More than half of the private equity commitments were to funds managed by private equity firm Thoma Bravo L.P.

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The largest private equity allocation was $300 million for the Thoma Bravo Fund XVI, which aims to invest in software companies in the “application, infrastructure, and cybersecurity verticals,” primarily in in North America. The NYSCRF committed another $100 million to the Thoma Bravo Discover Fund V, which has the same objectives as the Thoma Bravo Fund XVI fund.

The NYSCRF committed $100 million to the TB Co-Invest Opportunities (Blue Jay), which will add additional capital alongside theThoma Bravo XVI and Thoma Bravo Discover Fund V investment vehicles. The investments will mainly be in North American firms.

The pension fund also committed $150 million to the GenNx360 Capital Partners IV fund, managed by the GenNx360 Management Co. The fund will target investments in industrial and business–services companies in North America. 

Another $150 million was set aside for the Integrum Capital Partners II fund managed by Integrum Holdings. The fund will seek investments in the financial and business services sectors, mainly in the U.S.

An additional $50 million, on top of an initial $50 million commitment made in 2023, was committed to the TB Empire Opportunities fund managed by TowerBrook Capital Partners. The pension fund invested additional capital alongside the TowerBrook Investors VI fund, which mainly targets investment opportunities in North America and Europe.

The NYSCRF also allocated $50 million to the Integrum Catskill Co-Invest II fund, which will invest additional capital alongside the Integrum Capital Partners II fund, which targets technology‑enabled service companies in financial services, fintech, business services and payments.

Within its real estate portfolio, the NYSCRF allotted $200 million to the WCP NewCold Fund N, managed by Westport Capital Partners. The fund is a sidecar vehicle that will co-invest alongside the WCP NewCold III fund. 

The pension fund also acquired a mixed-use building in Rome, New York,with 64 residential units for slightly more than $1.8 million. Another 64–residential-unit building was acquired by the NYSCRF for approximately $1.4 million in Ovid, New York.

Within its credit portfolio, the NYSCRF committed $100 million to the PDC Trigger Fund 2024, a fund-of-one seeking dislocated assets. It will invest in distressed collateralized loan obligation debt and equity tranches if activated. 

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Home > News > Manager Selection > Nest Commits $750M to Timberland Fund
Manager Selection

Nest Commits $750M to Timberland Fund

The U.K.’s largest workplace pension will gain exposure to the asset class through BTG Pactual TIG.
By Matt Toledo



The U.K.’s National Employment Savings Trust, the country’s largest workplace pension scheme, has committed 550 million pounds ($750 million) to a timberland investment fund managed by BTG Pactual Timberland Investment Group. The strategy will provide exposure to sustainably managed timberland across the Americas.  

BTG Pactual TIG is one of the world’s largest timberland managers, with $7.3 billion in assets under management across 2.6 million acres of timberland throughout the U.S. and Latin America. BTG Pactual TIG’s parent company is Brazilian financial company BTG Pactual, operator of Latin America’s largest investment platform. 

According to a Nest statement, timberland offers diversification of its investments and helps optimize the risk/return profile of its portfolio. BTG Pactual TIG and Nest will work closely to deploy the strategy, which will be executed through private investment vehicles managed by the timberland manager. 

“Nest and BTG Pactual TIG share the belief that investing in a sustainable manner can achieve strong risk-adjusted returns,” said Stephen O’Neil, Nest’s head of infrastructure and natural capital, in a statement. “BTG Pactual TIG’s focus on sustainable forestry practices and commitment to maintain productive, respectful relationships with the local communities and workforce helped demonstrate that they are the right partner for Nest.” 

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BTG will become Nest’s second timberland manager. Last August, the pension committed an unspecified sum to J.P. Morgan Asset Management’s Campbell Global. The fund began a procurement process for its timberland strategy in September 2023. 

Nest, the U.K.’s largest workplace pension scheme by membership, serves more than 13 million members and manages more than 50 billion pounds in assets and expects to manage 100 billion pounds by the end of the decade.  

Related Stories: 

UK’s Nest Hires J.P. Morgan’s Campbell Global for Timberland Fund 

Angie Davis Named CEO of JPMorgan’s Timberland Unit, Campbell Global 

Are the Original Growth Investments, Agriculture and Timber, Worth It? 

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