Private Growth

Industry Capital, an institutional investment manager focused on real assets, was founded in 2003 and is headquartered in San Francisco, CA. At the time of investment, the firm had 33 employees.

Website: www.industrycapital.com/

Investment Approach Initial Investment Role in the Portfolio
IC Berkeley Partners III is a closed-end, value-add fund investing in the multi-tenant industrial sector across the U.S. The fund intends to stabilize under-managed or distressed industrial warehouse, distribution and service centers, to aggregate a critical mass of properties within geographic clusters, and to add institutional-quality management. Fund III's target deal size is small, typically $10 million or less, and the tenant base is often composed of small, local and regional businesses.
  • $18,000,000 commitment to IC Berkeley Partners III in 2014
  • Up to $30,000,000 commitment to IC Berkeley Partners IV in 2016, though limited to 15% of the total fund
  • Up to $35,000,000 commitment to IC Berkeley Partners V in 2020, though limited to 10% of the total fund
This investment is part of the 15% ERSRI policy allocation to private growth.

Crow Holdings Capital Real Estate was founded in 1998 as a private real estate investment manager focusing on North America. The firm is majority owned by Crow Family Holdings, the investment office of Trammel Crow and family. Trammel Crow Company has invested in real estate since 1948. At the time of investment, Crow Holdings Capital Real Estate had 50 employees.

Website: http://www.crowholdingscapital.com/

Investment Approach Initial Investment Role in the Portfolio
Crow Holdings Retail Fund is a closed-end, value-add fund that seeks to acquire a diversified portfolio of small neighborhood and community retail properties in the United States. Each retail center will have an initial gross purchase price of $17.5 million or less. Through professional management and financing, and pooling assets into geographic clusters, the fund looks to add value to the assets and generate returns.
  • $25,000,000 commitment to Crow Holdings Retail Fund in 2015
This investment is part of the 15% ERSRI policy allocation to private growth.

Exeter Property Group, an institutional investment manager focused exclusively on industrial real estate assets, was founded in 2006 and is headquartered in Plymouth Meeting, PA. At the time of investment, Exeter Property Group had 47 employees.

Website: http://exeterpg.com/

Investment Approach Initial Investment Role in the Portfolio
Fund III is a closed-end value-add fund focusing on big-box warehouse, multi-tenant industrial, and related flex/office properties in the United States, as well as select markets in Canada. The Fund adds value through repositioning, re-leasing, renovation, and operational improvement of existing assets, and through limited development of new assets.
  • $30,000,000 commitment to Exeter Industrial Value Fund III in 2014
  • $25,000,000 commitment to Exeter Industrial Value Fund V in 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

GEM Realty Capital was formed in 1994 as a real estate investment company and is headquartered in Chicago, IL. At the time of investment, GEM had more than 50 employees.

Website: http://www.gemrc.com/

Investment Approach Initial Investment Role in the Portfolio
Fund V is a closed-end, value-add fund investing solely in the U.S. The fund aims to create value where it identifies dislocations, mispricing's, and/or operational inefficiencies across property types and in both debt and equity. The strategy includes purchasing traditional real estate at substantial discounts, providing financing for transitional assets, repositioning, renovating, re-leasing and stabilizing properties.
  • $50,000,000 commitment to GEM Realty Fund V in 2013
  • $20,000,000 commitment to GEM Realty Fund VI in 2016
This investment is part of the 15% ERSRI policy allocation to private growth.

IPI, which is sponsored by ICONIQ Capital and Iron Point Partners, focuses on data centers and other technology and connectivity-related assets

Website: https://ipipartners.com/

Investment Approach Initial Investment Role in the Portfolio
IPI will invest in stabilized assets, value-add opportunities, and development projects with an emphasis on the latter two categories given its development and operational capabilities.
  • $30,000,000 commitment to IPI Partners II in 2021
This investment is part of the 15% ERSRI policy allocation to private growth.

Linchris, based in Hanover, Massachusetts, was formed in 1985 and over it’s 33-year history has evolved from a local hotel management company into a national hotel operator with over 2,000 employees.

Website: https://www.linchriscapitalpartners.com/

Investment Approach Initial Investment Role in the Portfolio
Linchris Capital Opportunity Fund II is a single-strategy, value added closed-end fund targeting domestic hotel assets. Linchris will utilize acquisition and management expertise to identify and purchase hotel assets that have quantifiable value opportunities, because the assets are primarily either under-managed or under-valued due to operational inefficiencies.
  • $25,000,000 to Linchris Capital Opportunity Fund II in February 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

Lone Star is a private equity firm that invests globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized fifteen private equity funds. These funds have been structured as closed-end limited partnerships, and are advised by Lone Star Global Acquisitions, Ltd. (LSGA), an investment adviser registered with the U.S. Securities and Exchange Commission, and its global subsidiaries. Lone Star seeks investment opportunities in opportunistic and value-oriented assets over a broad range of financial instruments and geographic locations. Hudson Advisors LLC and its global subsidiaries has been dedicated to the support of the funds investment activities globally, providing due diligence and analysis, asset management and other support services. At the time of investment, Lone Star and Hudson had a combined total of approximately 940 employees.

Website: http://www.lonestarfunds.com/

Investment Approach Initial Investment Role in the Portfolio
LSREF IV is a closed-end, opportunistic fund that aims to create value where it identifies pricing dislocations. Transactions targeted by LSREF IV include investments in commercial real estate assets, including multi-family, retail, office, industrial, hospitality, senior housing, student housing, and other related assets. LSREF IV will target investments across the Americas, Europe and Japan.
  • $24,260,817 commitment to Lone Star Real Estate Fund IV (LSREF IV) in 2015
This investment is part of the 15% ERSRI policy allocation to private growth.

A specialist in hotel real estate assets, Magna Hospitality was founded in 1998 and is based in Warwick, RI. At the time of investment, the firm had 23 corporate employees and approximately 1,200 property-level employees.

Website: http://www.magnahospitality.com/

Investment Approach Initial Investment Role in the Portfolio
Fund III is a closed-end, opportunistic fund investing in hotel properties across the U.S. The fund focuses on the development, repositioning and operation of select-service hotels.
  • $4,000,000 commitment to Magna Hotel Fund III in 2008
This investment is part of the 15% ERSRI policy allocation to private growth.

Raith is private equity real estate firm targeting special opportunities in the commercial real estate space. The firm was founded in 2012 and is headquartered in New York City, New York.

Website: http://raithcapital.com/

Investment Approach Initial Investment Role in the Portfolio
Raith Real Estate fund II invests in fundamentally sound real estate in the United States that is experiencing some form of financial, geographic, or marketplace dislocation. The firm targets assets with broken capital structures, dislocated or non-strategic assets, or stressed sponsors that allow the firm to invest at discount to the assets intrinsic value.
  • $35,000,000 commitment to Raith Real Estate II in December 2018.
This investment is part of the 15% ERSRI policy allocation to private growth.

Waterton Associates, a vertically integrated real estate investment firm focused on multi-family and hospitality assets, was founded in 1995 and is headquartered in Chicago, IL. At the time of investment, the firm had more than 550 employees in multiple offices across the US.

Website: http://www.watertonassociates.com/

Investment Approach Initial Investment Role in the Portfolio
Venture XII is a closed-end, value-add fund investing in multi-family properties in the U.S. The Fund seeks to acquire a balanced portfolio of multi-family assets diversified by location and for which the fund can add value through a combination of professional management, correction of deferred maintenance, physical property improvements, and recapitalization.
  • $35,000,000 commitment to Waterton Venture Fund XII in 2014
This investment is part of the 15% ERSRI policy allocation to private growth.

Clearlake is based in Santa Monica, California, and is a private investment firm seeking investments in software and technology-enabled services; industrials and energy; and consumer sectors.

Website: https://clearlake.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund will pursue non-control opportunistic credit and structured equity investments. There will be a bias towards software and other technology-enabled businesses. COP II will target credit, structured equity, and distressed investments that are senior in the capital structure and have a contractual return.
  • $30,000,000 commitment to Clearlake Opportunities II in 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

Founded in 1983, the firm is headquartered in New York, NY with additional offices in London and Hong Kong.

Website: https://www.dkpartners.com/

Investment Approach Initial Investment Role in the Portfolio
Davidson Kempner Long-Term Distressed Opportunities Funds focuses on drawdown funds that target investments in less liquid and/or longer-duration private and public securities and other financial instruments including, among other things, corporate investments, real estate, asset-backed and structured products, longer-dated liquidations, private lending and other opportunities in distressed investments.
  • $50,000,000 Commitment to DK L-T Opps. IV in 2018
  • $50,000,000 commitment to DK L-T Opps. V in 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was founded in 1995. Oaktree is headquartered in Los Angeles, CA and has offices around the globe. At the time of the investment, the firm had 609 employees, including 199 investment professionals.

Website: http://www.oaktreecapital.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's strategy is to pursue control-oriented investments in financially or operationally distressed, middle-market companies in Europe. The manager primarily focuses on debt-for-control transactions and special situation investments, which may include acquisitions from distressed sellers, partnering with experienced management teams to pursue a distressed industry, and real estate investments. The fund focuses on companies where there are identifiable strategic initiatives that can be implemented by the operations team. Strategic initiatives may include industry consolidation through add-on acquisitions, overhead reductions, and significant changes to senior management.
  • $20,000,000 commitment to OCM European Principal Fund III in 2011.
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in October 2005 and is headquartered in New York, NY. At the time of the last investment, the team consisted of 63 investment professionals with expertise in credit and private equity investing.

Website: http://www.centerbridge.com/

Investment Approach Initial Investment Role in the Portfolio
The Special Credit Partners fund primarily invests in non-control debt positions in distressed or undervalued credits in North America and Europe.
  • $25,000,000 commitment to Centerbridge Special Credit Partners II in 2012
This investment is part of the 15% ERSRI policy allocation to private growth.

Headquartered in Boston, MA, Advent was founded in 1984. At the time of investment, Advent had 160 investment professionals across 17 regional offices located in 16 countries.

Website: http://www.adventinternational.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in companies that have the potential to grow and improve operations. Transactions will typically take the form of leveraged buyouts as well as minority recapitalizations. Advent acquires businesses from corporate parents, through privatization processes, and from private owners. The fund is differentiated by its origination process, which involves industry experts and extensive, outbound research, as well as by the team's ability to improve company operations.
  • $20,000,000 commitment to Advent GPE Fund VII in 2012
  • $20,000,000 commitment to Advent GPE Fund VIII in 2016
  • $30,000,000 commitment to Advent GPE Fund IX in 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

Altaris Health Partners was founded by a team of professionals spun out of Merrill Lynch in 2002 to establish a dedicated healthcare investment firm. The firm is based in New York City.

Website: http://altariscap.com/

Investment Approach Initial Investment Role in the Portfolio
Altaris invests in middle market healthcare companies across pharmaceutical, medical devices & diagnostics, payor & insurance, and provider services verticals. Altaris targets companies in located in North America, but will have a secondary focus on Western Europe, where the Firm can invest up to 20% of committed capital. Altaris will invest between $30,000,000 and $100,000,000 of equity per transaction. The firm will make control and minority investments in profitable companies.
  • $30,000,000 Commitment to Altaris Health Partners IV in 2017
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was founded in 1997. At the time of investment, the firm had 100 employees. The firm's 51 investment professionals are organized by geography and are based in seven offices in Hong Kong, Shanghai, Beijing, Mumbai, Singapore, Tokyo and Jakarta.

Website: http://www.bpeasia.com/

Investment Approach Initial Investment Role in the Portfolio
The fund is targeting investment opportunities based primarily in China, Japan, Korea, India and Southeast Asia. Although there are no specific geographic diversification targets, China investments will likely comprise 40% of the fund, and cross-border / regional investments will comprise 20% to 25%. Investments in other geographies will be based on the attractiveness of the available opportunities. Baring Asia is agnostic in terms of industry sector; however, the team will emphasize sectors such as consumer, education, food & agriculture, healthcare, and other sectors in which it has developed internal expertise.
  • $17,000,000 commitment to Baring Asia Private Equity Fund VI in 2014
  • $50,000,000 Commitment to Baring Private Equity Asia Fund VII in May 2018
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was founded in 2001 and has offices in New York, NY, Boston, MA, and London. At the time of investment, the firm was managed by a five-person partner group, including three managing partners.

Website: http://www.braemarenergy.com/

Investment Approach Initial Investment Role in the Portfolio
The fund primarily targets early-stage, energy technology opportunities in companies that have developed a product, but have not yet or are in the early stages of revenue generation. Initial investments in these early-stage companies will require no more than $5 million. The fund will selectively invest in later-stage energy technology investments where the team sees a strong product or technology.
  • $10,000,000 commitment to Braemar Energy Ventures Fund in 2011
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in October 2005 and is headquartered in New York, NY. At the time of the last investment, the team consisted of 63 investment professionals with expertise in credit and private equity investing.

Website: http://www.centerbridge.com/

Investment Approach Initial Investment Role in the Portfolio
The Capital Partners funds opportunistically make control-oriented debt and equity investments in North America and Europe. The manager will generally invest in debt securities with a view towards gaining a control. Equity investments will consist of control-oriented positions in both middle-market and large-market companies.
  • $15,000,000 commitment to Centerbridge Capital Partners in 2006
  • $25,000,000 commitment to Centerbridge Capital Partners III in 2014
This investment is part of the 15% ERSRI policy allocation to private growth.

Charlesbank Capital Partners is an experienced middle-market private equity firm with offices in Boston and New York. Its flagship funds invest across a range of industries.

Website: https://www.charlesbank.com/

Investment Approach Initial Investment Role in the Portfolio
Charlesbank X will make control-oriented investments in U.S. middle-market companies in the business services, consumer, industrial, healthcare and technology sectors.
  • $30,000,000 commitment Charlesbank X and $10,000,000 to Charlesbank X Overage in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

The firm was founded in 1993 and started investing its first fund in 1996. The firm has 22 offices globally, with 12 offices in Europe, eight offices in Asia and two offices in the US. At the time of the investment, the firm had 282 employees, including 165 investment professionals.

Website: http://www.cvc.com/

Investment Approach Initial Investment Role in the Portfolio
The funds acquire performing companies that typically have an enterprise value of €1 billion to €2 billion and seek to increase the initial values through geographic expansion, increased efficiency, financial and strategic initiatives, and add-on acquisitions. The funds primarily make control-oriented investments in Western Europe.
  • €20,000,000 commitment to CVC European Equity Partners III in 2001
  • €16,500,000 commitment to CVC European Equity Partners IV in 2005
  • €20,000,000 commitment to CVC European Equity Partners V in 2008
  • €15,000,000 commitment to CVC Capital Partners VI in 2014
  • €35,000,000 commitment to CVC Capital Partners VII in 2017
  • €50,000,000 commitment to CVC Capital Partners VIII in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Data Collective pursues earlystage venture capital investments in innovative deep tech companies.

Website: https://www.dcvc.com/

Investment Approach Initial Investment Role in the Portfolio
DCVC Bio II will pursue early stage venture capital investments, primarily seed and series A deals in computational biotech and computational agtech investments in the United States and Western Europe
  • $20,000,000 commitment to DCVC Bio II in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in 1988 and has offices in Houston, TX and Dallas, TX. At the time of the last investment, the firm had 29 investment professionals.

Website: http://www.encapinvestments.com

Investment Approach Initial Investment Role in the Portfolio
The fund seeks equity and equity-related investments in growing, independent oil and gas companies. Investments will be made predominantly in companies whose underlying assets are oil and gas reserves.
  • $18,000,000 commitment to EnCap Energy Capital Fund IX in 2012
  • $30,000,000 commitment to EnCap Energy Capital Fund X in 2015
  • $50,000,000 commitment to EnCap Energy Capital Fund XI in 2016
  • $50,000,000 Commitment to EnCap Energy Capital in 2017
This investment is part of the 15% ERSRI policy allocation to private growth.

Endeavour invests in Western U.S. based, middle market companies in partnership with founders, family owners and managers.

Website: https://endeavourcapital.com/

Investment Approach Initial Investment Role in the Portfolio
Endeavour targets growing founder and family-owned companies in the lower end of the middle market. The Firm has been a value-oriented investor focused on companies based in the Western United States.
  • $50,000,000 commitment to Endeavor Capital VIII in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Equity Capital Management was established in 1999 and is headquartered in Frankfurt, Germany. The firm's 13 professionals invest in the lower middle-market targeting investments in German-speaking countries of Europe.

Website: http://www.ecm-pe.de/en/

Investment Approach Initial Investment Role in the Portfolio
Equity Capital Management invests in small private companies generally referred to as the German Mittelstand. The firm is relationship-oriented and stresses building relationships and partnerships with families and entrepreneurs. Three key aspects of ECM's investments include a level of complexity, less intermediated processes, and strong fundamentals. ECM targets five core sectors including industrials, business services, consumer, healthcare, and TMT.
  • €21,000,000 Commitment to German Equity Partners V in April 2018
This investment is part of the 15% ERSRI policy allocation to private growth.

Eureka, a lower middle market private equity firm, focuses on partnering with and growing founder and family owned businesses. Eureka is based in Philadelphia, Pennsylvania with a team of 9 investment professionals.

Website: https://www.eurekaequity.com/

Investment Approach Initial Investment Role in the Portfolio
Eureka, The Fund will target control-oriented investments in lower middle-market companies primarily across the business services, healthcare services, consumer and specialty manufacturing sectors. The firm invests in companies that are niche market leaders located primarily across the eastern U.S., seeking to be the first institutional capital.
  • $14,365,633 commitment to Eureka Partners III
  • $25,000,000 commitment to Eureka Partners IV
This investment is part of the 15% ERSRI policy allocation to private growth.

The firm was founded in 1988 and is headquartered in Nashville, Tennessee. At the time of investment, the firm had 7 investment professionals.

Website: http://www.gencapamerica.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's primary objective is to partner with owners and management teams who have a willingness to operate and grow successful businesses. In all investments, senior management is involved in equity ownership to give them a meaningful stake in the success of the business. The fund targets middle market businesses in basic industries.
  • $37,500,000 commitment to Southvest Partners VII in 2016
This investment is part of the 15% ERSRI policy allocation to private growth.

GGV is a China and U.S. focused multi-stage venture capital firm which was founded in 2000. The Firm has investment professionals based in its offices in Shanghai, Menlo Park, and Beijing.

Website: https://www.ggvc.com/

Investment Approach Initial Investment Role in the Portfolio
GGV VIII will make multi-stage venture capital investments, with a sector-focus within technology, across the U.S., China and Southeast Asia.
  • $15,000,000 commitment GGV II in 2004
  • $15,000,000 commitment GGV III in 2006
  • $18,000,000 committed to GGV Capital VIII in 2020
  • $7,500,000 committed to GGV Capital VIII Plus in 2020
  • $4,500,000 committed to GGV Discovery III in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Hastings is a lower middle market buy out firm focused on acquiring companies in the U.S. energy services sector. The firm was founded in 2004 and is headquartered in Houston, Texas with a staff of 15 professionals.

Website: http://www.hastingsequity.com/

Investment Approach Initial Investment Role in the Portfolio
Hasting's focuses on energy companies in the lower middle market segment. The firm seeks to add value by marking add-on acquisitions to grow EBITDA and to improve the economies of scale. Hastings also aims to mitigate commodity price risk by focusing on downstream service companies that are less energy price sensitive and to maintain balance sheet flexibility with moderate levels of debt financing.
  • $25,000,000 commitment to Hastings IV in February 2018
  • $7,500,000 commitment to Hastings IV Co-Investment in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Formed in 2000, the firm is headquartered in San Francisco, CA with an office in Alexandria, VA. At the time of investment, the firm had 18 employees, including 11 investment professionals.

Website: http://www.industryventures.com/

Investment Approach Initial Investment Role in the Portfolio
The fund's strategy is to invest in early-stage venture capital with a focus on small funds targeting a net annualized return to limited partners of 20%-25%. The Fund will complement a 40% target allocation to primary commitments with a 40% target allocation to secondary investments and a 20% target allocation to co-investments. The € fund will make co-investments, at reduced fees, in larger opportunities alongside the main fund.
  • $25,000,000 commitment to Industry Ventures Partnership Holdings III in 2014
  • $15,000,000 commitment to Industry Ventures Partnership Holdings III-C in 2015
  • $10,000,000 commitment to Industry Ventures Partnership Holdings IV in January, 2016
  • $30,000,000 commitment to Industry Ventures V in February 2018
  • $10,000,000 commitment to Industry Ventures Partnership Holdings Fund IV (secondary) in 2019
This investment is part of the 15% ERSRI policy allocation to private growth.

Level Equity Partners was founded in 2009 and is headquartered in New York City, New York. At the time of investment, the firm had 4 senior level partners.

Website: http://www.levelequity.com/

Investment Approach Initial Investment Role in the Portfolio
Level Equity is a lower middle-market growth equity investor with a primary focus on North American software and technology-enabled service companies. The firm targets asset light businesses, have no customer concentration, and typically invests in minority stakes.
  • $35,000,000 commitment to Level Equity Growth Partners IV in August 2018.
  • $15,000,000 commitment to Level Equity Opportunities Fund in August 2018.
This investment is part of the 15% ERSRI policy allocation to private growth.

Headquartered in Providence, RI, Nautic was formed as a fully independent private equity firm in 2000. At the time of the last investment, investment Nautic had 16 investment professionals, including eight managing directors.

Website: http://nautic.com/

Investment Approach Initial Investment Role in the Portfolio
The fund seeks equity and equity-related investments in small-and middle-market companies based in North America. The manager works with company management teams to grow these companies post-investment. The fund targets investments in business services, healthcare and manufacturing.
  • $20,000,000 commitment to Nautic Partners V in 2000
  • $20,000,000 commitment to Nautic Partners VI in 2007
  • $20,000,000 commitment to Nautic Partners VII in 2014
  • $20,000,000 commitment to Nautic Partners VIII in December 2015
  • $50,000,000 commitment to Nautic Partners IX in December 2018
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was established in 1989 and has investment advisory offices in Stockholm, Oslo, Copenhagen, Helsinki, Frankfurt and London, and fund management offices in Jersey and Luxembourg. At the time of the last investment, the firm had 57 investment professionals.

Website: http://www.nordiccapital.com

Investment Approach Initial Investment Role in the Portfolio
Nordic Capital pursues control buyouts in middle-market companies across industries in the Nordic region and Germany, and in healthcare companies globally. Healthcare investments have been a significant share of the invested capital with roughly 40% of capital invested to date. Transactions will take the form of leveraged buyouts, public-to-private deals, and corporate divestitures.
  • $15,000,000 commitment to Nordic Capital Fund V in 2003
  • $15,000,000 commitment to Nordic Capital Fund VI in 2006
  • $15,000,000 commitment to Nordic Capital Fund VII in 2008
  • $15,000,000 commitment to Nordic Capital Fund VIII in 2013
This investment is part of the 15% ERSRI policy allocation to private growth.

Odyssey, a middle-market private equity buyout firm, was founded in 2006 and holds primary offices in New York City and Los Angeles.

Website: https://www.odysseyinvestment.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund is a middle market focused buyout firm predominantly targeting U.S. based companies. The firm is broadly focused on industrial and business services companies with key sub-sectors being aerospace, defense, healthcare, distribution, packaging, energy, rental and insurance.
  • $50,000,000 commitment to Odyssey Investment Partners Fund VI
This investment is part of the 15% ERSRI policy allocation to private growth.

The firm was founded in 2007 and is headquartered in New York, NY with two additional offices in Chicago, IL and San Mateo, CA. At the time of investment, the firm consisted of 22 investment, operations, and finance professionals.

Website: http://www.painepartners.com/

Investment Approach Initial Investment Role in the Portfolio
The fund invests in businesses providing products and services to the global food and agribusiness sector. The fund expects primarily to make control acquisitions of established businesses that require financial and strategic support to achieve their growth potential. The manager utilizes a thesis-driven approach and extensive industry expertise to execute a value-oriented, disciplined strategy to address complexity within the food and agribusiness sector. To maximize value, the fund can also employ a buy-and-build strategy where it creates a platform entity and acquires multiple companies to create differentiated and larger businesses.
  • $30,000,000 commitment to Paine & Partners IV in 2014
  • $50,000,000 Commitment to Paine Schwartz Partners Food Chain Fund V in May 2018
  • $15,000,000 Commitment to Paine Schwartz V Co-Investment SPV in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Parthenon Capital provides capital and strategic resources to growth companies in our three core sectors: financial services, healthcare services and business services.  Since our founding in 1998, we have partnered with world-class management teams to complete over 50 platform acquisitions and 200 add-on acquisitions representing more than $5 billion in value in these sectors. The firm is primarily based in Boston.

Website: https://www.parthenoncapital.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund employs a thesis-driven investment strategy to invest in high-growth middle market companies. The Firm targets investments in the healthcare services, financial services, and business & technology services sectors. Parthenon develops a transformational strategy for each prospective acquisition. The firm seeks to accelerate earnings growth, transform companies into market leaders, and potentially redefine the market in which the company participates.
  • $50,000,000 commitment to Parthenon Investors VI
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in 2001 and is headquartered in Boston, MA. It targets venture investments in early-stage companies in the information technology and healthcare sectors within the U.S.

Website: http://pointjudithcapital.com/

Investment Approach Initial Investment Role in the Portfolio
The funds strategy is to take an active approach to investing and to build collaborative relationships with portfolio company teams. Typically investing $500,000 to $3 million in a first round of financing, the fund reserves additional capital for subsequent financing rounds as companies prove themselves.
  • $5,000,000 commitment to Point Judith Venture II in 2007
This investment is part of the 15% ERSRI policy allocation to private growth.

The Pollen Street Capital Group is a global, independent alternative asset investment management company focused on the financial and business services sector, with significant experience in specialty finance. It was established in 2013 and is primarily based in London.

Website: https://www.pollencap.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund will target control investments in fast growing companies in the business & financial services sectors. The Firm will seek to grow smaller, “challenger” companies into next generation market leaders. The Firm invests broadly throughout multiple subsectors of the business & financial services industries.
  • $50,000,000 commitment to Pollen Street Capital IV
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was founded in 1989. At the time of the last investment, the firm had 125 investment professionals. The firm is headquartered in Providence, RI with offices in New York, NY, London, Hong Kong, New Delhi, and Singapore.

Website: http://www.provequity.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will make control-oriented and minority growth-equity investments in North America, Europe and Asia. The manager pursues investments in media, entertainment, communications, and information services sectors.
  • $15,000,000 commitment to Providence Equity Partners III in 1999
  • $25,000,000 commitment to Providence Equity Partners IV in 2000
  • $25,000,000 commitment to Providence Equity Partners V in 2005
  • $25,000,000 commitment to Providence Equity Partners VI in 2007
  • $25,000,000 commitment to Providence Equity Partners VII in 2012
This investment is part of the 15% ERSRI policy allocation to private growth.

The firm was founded in 1982. At the time of investment, the team consisted of 11 investment professionals and 5 operating executives. The firm is headquartered in Los Angeles with an additional office in Chicago.

Website: http://www.rlhequity.com/

Investment Approach Initial Investment Role in the Portfolio
The fund pursues growth recapitalizations where management retains significant equity. The fund targets profitable, high organic growth, market-leading services firms in the business services, healthcare, and government services sectors in the middle-market. The team looks to utilize the RLH Playbook to generate value.
  • $40,000,000 commitment to RLH Investors IV in 2017
This investment is part of the 15% ERSRI policy allocation to private growth.

Shamrock Capital Advisors is a Los Angeles based investment firm with a long history of investing in the media, entertainment and communications sectors.

Website: https://shamrockcap.com/

Investment Approach Initial Investment Role in the Portfolio
Shamrock targets lower middle-market growth firms in the media, entertainment, and communications (MEC) sectors as well as adjacent MEC technologies and services companies. Shamrock typically invests alongside founders as first institutional capital to help grow and professionalize their businesses. The firm is favorably viewed by founders who are looking for supportive partners with sector expertise.
  • $30,000,000 commitment Shamrock Capital Growth Fund V
This investment is part of the 15% ERSRI policy allocation to private growth.

Siris Capital Group was founded in 2011 is headquartered in New York City, New York. At the time of investment, the firm had 18 investment professionals.

Website: https://siris.com/

Investment Approach Initial Investment Role in the Portfolio
Siris Capital specializes in middle market, later stage, mature, industry consolidation, turnaround, special situations, and mid-market buyout investments. The firm targets healthcare, data, technology, technology-enabled businesses services, and telecommunications sectors.
  • $50,000,000 commitment to Siris Capital Partners IV in October 2018.
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in 2002. At the time of investment, the team had 22 professionals, including investment- and operations-focused professionals. The firm is headquartered in Lehi, UT.

Website: http://www.sorensoncapital.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will pursue buyouts of lower middle-market companies with enterprise values of $30 million to $50 million. Companies will be based predominantly in the Mountain West states of Utah, Idaho, Arizona, New Mexico, Nevada, Wyoming, and Montana. The manager will opportunistically invest in companies located in adjacent states, particularly when the target business operates within a sector in which the firm has previously invested, such as aerospace.
  • $30,000,000 commitment to Sorenson Capital Fund III in 2014
This investment is part of the 15% ERSRI policy allocation to private growth.

The Column Group (TCG) is a science-driven venture capital firm that makes significant financial and operational commitments to build early stage drug discovery companies based on their unique scientific platforms and potential to deliver multiple breakthrough therapeutics.

Website: https://www.thecolumngroup.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund will make late-stage venture capital investments in drug discovery and development companies in the U.S. and China.
  • $25,000,000 commitment to TCG Crossover Fund, LP in 2021
This investment is part of the 15% ERSRI policy allocation to private growth.

Tenex Capital Management, an operational turnaround private equity manager, was founded in 2010 and is headquartered in New York, NY.

Website: http://www.tenexcm.com/

Investment Approach Initial Investment Role in the Portfolio
Tenex will make control investments in underperforming middle-market companies in the US and Canada. Tenex targets companies that possess significant room for material near-term improvements in operations. Once a company is acquired, Tenex deploys its operational capabilities to return the company to a level of performance consistent with industry averages.
  • $25,000,000 commitment to Tenex Capital Partners II, LP in January 2016
  • $30,000,000 commitment to Tenex Capital Partners III in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Founded in 1987, the firm is headquartered in Washington, D.C. with offices around the globe. The Asia team's base is in Hong Kong with offices in Beijing, Shanghai, Singapore, Mumbai, Seoul, Sydney, and Jakarta. At the time of investment, the firm had over 1,400 employees, including 650 investment professionals.

Website: http://www.carlyle.com/

Investment Approach Initial Investment Role in the Portfolio
The fund will target investment opportunities based primarily in China, Taiwan, India, South Korea, Southeast Asia, Australia and New Zealand. Although the fund does not have hard allocation targets by geography, investments in Greater China are expected to comprise approximately 50% of the fund. The fund will target five core industries including consumer & retail, telecommunications, media & technology, financial institutions, healthcare, and industrials.
  • $30,000,000 commitment to Carlyle Asia Partners IV in 2014
  • $50,000,0000 Commitment to Carlyle Asia V in September 2017
This investment is part of the 15% ERSRI policy allocation to private growth.

The manager was formed in 1988. The firm is headquartered in the U.S. with offices on four continents. At the time of the last investment, the firm had more than 200 employees.

Website: https://www.riversidecompany.com/

Investment Approach Initial Investment Role in the Portfolio
RCAF VI and RMCF III both pursue control buyout opportunities of companies located in North America. The funds will invest broadly across industry sectors; however, the firm has developed subsector industry specializations in healthcare, education and training, software and information technology services, and franchising. RCAF VI generally targets small- to middle-market companies with annual operating profit below $25 million, and RMCF III generally targets even smaller micro-cap companies.
  • $20,000,000 commitment to Riverside Capital Appreciation Fund VI in 2013
  • $20,000,000 commitment to Riverside Micro-Cap Fund III in 2014
  • $40,000,000 commitment to Riverside Micro-Cap Fund V in June 2018
  • $20,000,000 commitment to Riverside Micro-Cap Fund IV-B in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Thoma Bravo is a leading private equity firm with a 40+ year history, including over $76 billion in assets under management as of December 31, 2020, and a focus on investing in software and technology companies

Website: https://www.thomabravo.com/

Investment Approach Initial Investment Role in the Portfolio
Thoma Bravo is focused on control-oriented investing in upper middle market and large-cap software and technology enabled services businesses. Bravo partners with management and has a high level of strategic and operations involvement post-investment to increase efficiency and grow the businesses.
  • $20,000,000 commitment to Thoma Bravo XIV and $30,000,000 to Thoma Bravo Discover III in 2020
This investment is part of the 15% ERSRI policy allocation to private growth.

Vinci Partners was formed in 2001 and is primarily a private equity fund seeking investment opportunities aimed at shareholder control to drive growth and uncover areas of productivity. The firm is primarily based in Brazil.

Website: https://www.vincipartners.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund will target control buyout investments in middle-market companies based in Brazil. The Fund will have a diversified sector focus, with an emphasis on high-quality, high-growth businesses. Sectors of focus for Vinci include consumer-facing sectors benefitting from the rise of the Brazilian middle class, such as education, food and beverage, financial services, and retail. VCP III will target equity investments of $60 million to $110 million in companies with $300 million to $600 million of enterprise value at entry.
  • $30,000,000 commitment to Vinci Capital Partners III
This investment is part of the 15% ERSRI policy allocation to private growth.

Founded in 1999, Wynnchurch Capital is a private equity firm that provides capital, connections, expertise and experience to middle-market companies.

Website: https://www.wynnchurch.com/

Investment Approach Initial Investment Role in the Portfolio
The Fund plans to continue with its strategy of buying privately owned industrial and manufacturing companies, as well as completing corporate carveout transactions. The Fund will pursue the acquisition of underperforming companies, stressed and distressed businesses, cyclical companies, as well as healthy companies that can be acquired at a discount. Post-investment, Wynnchurch works with company management on organic growth initiatives and to pursue add-on as well as transformative acquisitions during the ownership period
  • $50,000,000 commitment to Wynnchurch Capital Partners V
This investment is part of the 15% ERSRI policy allocation to private growth.