LPs

First-timer Amulet backed by NYS Teachers

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Amulet Capital, New York State Teachers’ Retirement System, private equity, pension fund
Bullrunner Deirdre Carney displays an amulet asking for the protection of St Fermin following the fifth running of the bulls of the San Fermin festival in Pamplona July 11, 2014. The festival, a heady mix of drinking, dancing, late nights and bullfights, made famous by Ernest Hemingway in his novel "The Sun Also Rises", runs for nine days until July 14. Two runners were gored in the run that lasted two and a half minutes, according to local media. Picture taken July 11, 2014. REUTERS/Vincent West (SPAIN - Tags: SOCIETY ANIMALS) - RTR3YEJU
  • Firm led by Jay Rose and Ramsey Frank
  • Pension also backs MBK, Veritas buyout funds
  • PE portfolio delivers 12.9 pct time-weighted 20-year return

New York State Teachers’ Retirement System backed first-time manager Amulet Capital in November, according to a private equity report released by the pension.

Amulet Capital Fund I had raised $145 million toward a stated target of $250 million through July, according to an SEC filing. NYS Teachers’ secured a $50 million allocation to the fund in November, the report shows.

Amulet specializes in middle-market healthcare deals, typically investing $25 million to $150 million of equity per deal. The firm completed its first deal when it acquired contract research organization SynteractHCR Holdings in May. Terms weren’t disclosed.

The firm is led by Jay Rose, a former principal at Health Evolution Partners, and Ramsey Frank, who was a senior managing director at JLL Partners from 1999 through 2012. Frank focused primarily on the healthcare sector at JLL.

New York State Teachers’ Retirement System is a limited partner in JLL Partners Funds V and VI. Fund VI, an $807 million 2008-vintage fund, was netting a 26.7 percent internal rate of return as of March 31, 2016, University of California Board of Regents documents show. Fund V, a $1.5 billion fund, had netted a 9.9 percent IRR as of that date.

In addition to its commitment to Amulet, New York State Teachers’ committed $408 million across five other PE funds. The two largest commitments, each $100 million, went to flagship buyout funds managed by MBK Partners and Veritas Capital.

The $105.1 billion system also committed $83 million to ABRY Senior Equity V, $75 million to TDR Capital Fund IV and $50 million to EIV Capital Fund III, according to the report.

Roughly 60 percent of NYS Teachers’ PE portfolio was invested in leveraged buyout funds, with the rest allocated across funds-of-funds, co-investments, secondary funds, venture capital and distressed or credit strategies, according to the report.

The portfolio has delivered a time-weighted 20-year return of 12.9 percent, in line with its benchmark of the S&P 500 plus 5 percent.

Action Item: For more information about Amulet Capital, visit  www.amuletcapital.com

Bullrunner Deirdre Carney displays an amulet asking for the protection of St Fermin following the fifth running of the bulls of the San Fermin festival in Pamplona on July 11, 2014. Photo courtesy Reuters/Vincent West