LPs

NYS Common backs Siris IV for $200 mln

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New York State Common Retirement Fund, pension fund, private equity, Thomas DiNapoli, venture capital, Siris Capital
New York State Comptroller Thomas DiNapoli speaks during an interview with Reuters in New York on October 18, 2010. Photo courtesy Reuters/Brendan McDermid - RTXTKA8
  • Siris sets $3.5 bln hard cap
  • Fund was scheduled to close in March, per LP memo
  • New York also backs new venture, Asia-focused funds

New York State Common Retirement Fund committed $200 million to Siris Capital’s latest flagship fund in April, a recent investment disclosure shows.

Siris Partners IV will be capped at $3.5 billion, roughly double the $1.81 billion the firm raised with its third fund in 2015. Siris III, which is still relatively young, was netting a 2.5 percent internal rate of return as of Sept. 30, California Public Employees’ Retirement System data shows.

Siris had scheduled a final close in March, memos prepared by StepStone Group for Connecticut Retirement Plans and Trust Funds say. When Siris IV is slated to wrap up fundraising is unclear.

Siris specializes in acquiring mid-market technology companies based in North America. The firm typically invests $250 million to $700 million per deal, according to the StepStone memo.

The firm acquired acquired Intralinks Holdings for roughly $1 billion last year. In March, Siris sold video conference equipment provider Polycom to Plantronics for roughly $2 billion.

Siris declined comment.

New York’s $209.1 billion retirement fund also committed $22 million across a pair of new vehicles through existing separate accounts with Hamilton Lane and Asia Alternatives.

The retirement fund’s $400 million separate account with Hamilton Lane backed Carmel Ventures V for $10 million. Viola Ventures, formerly Carmel Ventures, will use the new fund to invest in early-stage tech companies in Israel.

Through Asia Alternatives, New York State Common committed $12 million to Anchor Equity Partners’ third fund.

New York held roughly 7.6 percent of its assets in PE investments as of Dec. 31. State Comptroller Thomas DiNapoli is the sole trustee of the state’s common retirement fund.

Action Item: For more on NYS Common: www.osc.state.ny.us