NYSTRS commits $100m to Carlyle’s fourth Asia buyout fund
New York State Teachers’ Retirement System (NYSTRS) has committed $100 million to The Carlyle Group’s fourth Asia buyout fund. The vehicle, which has a target of $3.5 billion, had raised $1.5 billion as of the first quarter of 2013, with a final close expected by the end of the year.
The commitment was confirmed at NYSTRS' investment committee meeting earlier this week.
NYSTRS' private equity portfolio was worth $7.4 billion as of September 2013, with $15.9 billion in active commitments across 168 partnerships with 79 private equity and venture capital firms. As of December 2012, private equity accounted for 8.1% of the system's $88.9 billion in total assets. Also at this week's meeting, the investment committee approved a 7% allocation to the asset class.
According to AVCJ Research, the Carlyle Asia Partners IV commitment is NYSTRS' second to a dedicated Asia vehicle. Earlier this year, the system invested $85 million in KKR Asian Fund II, which subsequently closed at $6 billion, the largest private equity pool ever accumulated in the region.
Excluding global funds that invest in Asia, NYSTRS' regional exposure is largely focused on HarbourVest Partners' co-mingled vehicles, including HarbourVest International PEP VI - Asia Pacific Fund and HIPEP Select Asia Fund.
Carlyle is one of several large pan-regional GPs in the market, with TPG Capital and Affinity Equity Partners both understood to be seeking $3.5 billion as well, although the latter could close as soon as next month. In addition to KKR, MBK Partners and RRJ Capital have reached final closes this year, raising $2.7 billion and $3.5 billion, respectively.
Carlyle's previous Asia buyout fund closed at $2.55 billion in April 2010.
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