New York State Common Retirement Fund has allocated $200 million to Landmark Partners’ Equity Partners XVI fund, according to minutes from the pension fund’s April transaction report.
The investment was funded through cash and closed on 21 April. No placement agents were involved, the report noted.
CRF has an existing relationship with Landmark, having invested $200 million in its 2013-vintage, $3.25 billion Equity Partners XV, which launched in 2013 and closed in January 2015. According to a February 2017 presentation to the New Mexico State Investment Council, Fund XV had achieved 11.3 percent internal rate of return by 30 September 2016.
Investors in the fund include Connecticut Retirement Plan and Trust Funds ($100 million), Maryland State Retirement and Pension System ($150 million) and New York State Common Retirement Fund ($200 million). The Employee Retirement System of Texas also invested in Fund XV, contributing $100 million.
According to an SEC filing, Landmark Equity Partners XVI was registered in December 2016 and had raised $223.5 million as of 10 May. Merrill Lynch, Pierce, Fenner & Smith acted as placement agent, receiving $5.59 million in sales commissions and finder’s fees.
Others commitments so far have come from New Mexico State Investment Council ($100 million), Employees’ Retirement System of the State of Hawaii ($100 million) and Employee Retirement System of Texas ($87.50 million).
In a presentation at the New Mexico State Investment Council meeting in October 2016, chairman and chief executive of Landmark Partners, Francisco Borges, revealed that he was hoping to raise $4 billion with Fund XVI, Secondaries Investor reported at the time.
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