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Administration April 10, 2004
NYC Funds Pledge up to $110M in Private Equity Stake
October 4, 2004 (PLANSPONSOR.com) - New York City
Comptroller William Thompson has promised up to $110 million
in city pension money to a private equity fund headed by
former Connecticut state Treasurer Francisco Borges.
Reported by Fred Schneyer
The largest commitment came from the New York City Employees’ Retirement System, which agreed to put $55 million into Landmark Equity Partners XI, a $750-million fund that invests in buyout, venture and mezzanine assets through secondary market transactions, according to a Crain’s New York report. The fund is run by Simsbury, Connecticut-based Landmark Equity Partners Inc., which is headed by Borges.
The teachers’ pension fund promised $30 million, the police pension fund pledged $20 million and the fire department pension fund committed $5 million, according to a Thompson statement.
The city’s pension funds have combined holdings of more than $80 billion. Some 5% of that is allocated to go to private equities, up from an allocation of 2% last year, a spokesman told Crain’s.
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