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Serving New York Educators Since 1921

New York State Teachers' Retirement System
July 25, 2007 Board Meeting
Summary of Actions

Considered a private equity investment in Avenue Special Situations Fund V L.P., and authorized the System to invest up to $75 million in that fund, subject to the satisfactory completion of due diligence.

Considered a private equity investment in Industri Kapital 2007 Limited Partnership I, and authorized the System to invest up to €50 million in that fund, subject to the satisfactory completion of due diligence.

Authorized the allocation of an additional $100 million to BlackRock Financial Management Inc., bringing the total managed by the firm as part of the System's commercial mortgage backed securities (CMBS) investment program to $350 million.

Authorized the allocation of an additional $100 million to ING Clarion Capital, bringing the total managed by the firm as part of the System's CMBS investment program to $300 million.

Authorized the allocation of an additional $50 million to Prima Capital Advisors LLC, bringing the total managed by the firm as part of the System's CMBS investment program to $100 million. Also renewed the agreement with the firm to manage this portion of the System's portfolio in CMBS, for one year, effective Oct. 1, 2007.

Ratified the following actions taken by the Retirement Board's Finance Committee since the previous Board meeting:

  • An investment of up to $100 million in Kelso Investment Associates VIII L.P., subject to the satisfactory completion of due diligence.
  • An investment of up to $75 million in KRG Capital Fund IV L.P., subject to the satisfactory completion of due diligence.
  • A $47.5 million investment to acquire Lasselle Place Apartments in Moreno Valley, CA.
  • A $91 million investment to acquire Barrington Place Apartments in Rancho Cucamonga, CA.
  • An investment of up to $110 million, or an amount not to exceed 20% of the fund's capital commitments, in Rockpoint Real Estate Fund III, subject to the satisfactory completion of due diligence.

Ratified the following actions taken by the Executive Director since the previous Board meeting:

  • An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in ING Development Ventures III, subject to the satisfactory completion of due diligence.

  • An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in O'Connor North American Property Partners II, subject to the satisfactory completion of due diligence.

  • An investment of $25 million, or an amount not to exceed 20% of the fund's capital commitments, in Penwood Select Industrial Partners II, subject to the satisfactory completion of due diligence.

  • An investment of $50 million, or an amount not to exceed 20% of the fund's capital commitments, in AG Realty Fund VII, subject to the satisfactory completion of due diligence.

  • A 15-year, $37 million first mortgage for The Residences at Newseum, Washington, D.C.

  • Renewed the agreement with Artisan Partners to manage a portion of the System's portfolio as an active international equity manager, for one year, effective Oct. 1, 2007.

  • Renewed the agreement with Causeway Capital Management to manage a portion of the System's portfolio as an active international equity manager, for one year, effective Oct. 1, 2007.

  • Renewed the agreement with Harris Associates to manage a portion of the System's portfolio as an active international equity manager, for one year, effective Oct. 1, 2007.

  • Renewed the agreement with Mercator Asset Management to manage a portion of the System's portfolio as an active international equity manager, for one year, effective Oct. 1, 2007.

  • Renewed the agreement with Progress Investment Management Company to manage a portion of the System's portfolio as a fund of funds manager for domestic small and medium capitalization equity managers, for one year, effective Oct. 1, 2007.

  • Approved asset allocation changes to the System's investment portfolio, based on recommendations from consultant Callan Associates.

  • Heard informational reports from Callan Associates on private equity and external manager performance.

  • Adopted an employer contribution rate applicable to 2007-08 payrolls and collected during the 2008-09 school year of 8.73%.

  • Approved an increase in fees paid to members of the System's Medical, Investment Advisory and Real Estate Advisory committees, effective July 1, 2007.

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