The Indiana Public Employees’ Retirement Fund, with $14.2 billion in assets, has purchased a secondary stake in Lone Star’s sixth fund for about $30 million.
The pension also bought a secondary stake in Crestview Capital Partners Fund II for about $9 million. Crestview’s second fund raised $1.4 billion.
A spokesperson for the pension declined to reveal the seller of the secondary stakes. Lone Star VI closed on $7.5 billion in 2008. The firm also closed its Lone Star Real Estate I fund on $10 billion the same year. More than 80 percent of the two funds are invested.
Indiana’s secondary purchases were part of a host of commitments the pension has made to private equity and real estate in the last few months. The pension recently committed $80 million to Walton Street Real Estate Fund V and up to $150 million in Prima Mortgage Investment Trust.
Indiana has bought secondaries stakes in the past. The pension made $10.8 million in secondaries purchases of fund interests from oil and gas-focused private equity firm EnCap Investments last summer. The pension bought interests from EnCap Energy Capital Fund V, EnCap Energy Capital Fund VI-B, EnCap Energy Capital Fund VII and EnCap Energy Capital Fund VII-B.