NY Common Commits $300M to Artemis, Terminates $1.2B Mondrian Mandate

NY Common Commits $300M to Artemis, Terminates $1.2B Mondrian Mandate

The New York State Common Retirement Fund committed $300M to Artemis Real Estate Partners Fund V, an existing relationship investing in debt and equity for middle-market real estate businesses. The fund also acquired two properties totaling $258.9M through its real estate separate account program and terminated international equity manager Mondrian Investment Partners, reallocating the roughly $1.2B account to cash.

In other LP news, the Texas County & District Retirement System committed $300M to Silver Point Silver Star Holdings, a re-up on a 2021 investment and the pension's second $300M commitment to Silver Point this year; and the Arkansas Teacher Retirement System approved $345M in commitments across five funds spanning real assets, private equity, and opportunistic strategies, and voted to fully redeem its position in Circumference Group's CG Core Value Fund.

On the GP fundraising side, Audax Private Debt closed Audax Direct Lending Solutions Fund III at $10B in investable capital – which the firm called the largest fund in its history – after drawing $5.4B in equity commitments, well above its $4B target, from more than 100 institutional investors; Carlyle's AlpInvest filed to launch its ninth flagship secondaries vehicle, AlpInvest Secondaries IX, roughly a year after its predecessor closed at $20B; and Apax Partners set a €12B target for its twelfth flagship buyout fund, Apax XII, following Apax XI's above-target close in 2024.

In people news, the National University of Singapore reportedly appointed Daren Smith as CIO effective October 1, moving from the Abu Dhabi Investment Council, where he served as CIO for global equities; and Aware Super promoted Jack Anderson to associate portfolio manager for private equity.