Silver Lake, Thoma Bravo funds pick up big NYSTRS backing among $1.66bn of new PE commitments

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The New York State Teachers’ Retirement System has boosted its $22.6bn private equity program with more than $1.66bn of new commitments.

Silver Lake and Thoma Bravo were the big winners in the round of commitments, which NYSTRS made in the second quarter of 2020.

NYSTRS agreed to commit up to $300m to Silver Lake Partners VI, which is currently out eyeing up to $16bn.

Thoma Bravo picked up a $300m commitment to its fourteenth flagship fundraise, and another $200m towards its third Discover Fund, NYSTRS said.

Tech-focused private equity major Thoma Bravo could raise up to $16.5bn for its latest flagship fundraise, recent documents submitted by the firm to the US SEC reveal.

The firm is also currently out seeking $3bn for its mid-market Discover Fund III.

NYSTRS agreed $200m commitments for DCP Capital Partners II and Sterling Group Partners V, $100m each to Tenex Capital Partners III, JFL Equity Investors V and One Rock Capital Partners III, £100m to Livingbridge 7 and €100m to Vitruvian Investment Partners IV.

It also agreed to provide up to 20% of total commitments to Amulet Capital Overage Fund, suggesting this would be $15m based on target fund size of $75m.

The vehicle will focus on completing follow-on investments in portfolio companies comprising the Amulet Capital Fund I.

As of June 30 NYSTRS’ private equity portfolio had 225 active partnerships across 84 sponsors and $22.6bn in active commitments.

From inception through March 31, 2020, the portfolio returned a net IRR of 12% and a net multiple of 1.56x invested capital.

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