NYSCRF backs secondary special situations fund

The $210bn pension fund has earmarked $200m for commitments to SSG Capital Partners V, and another $200m to SSG Capital Partners V Sidecar, which is a co-investment vehicle that invests alongside the fund.

The composition of SSG's funds is 60% for distressed assets and 40% for special situations.

Distressed assets may include performing credits at distressed prices; defaulted or distressed loans; bonds; convertibles; trade/legal claims; and equity that is undervalued by the market. These assets may be acquired as single credits or in concentrated asset pools.

SSG expects Asia–Pacific companies to increasingly take advantage of special situations financing amid a shortage of capital and a selective credit environment for mid-market enterprises, according to the documents.

It also stated that SSG V will invest $50-100m per investment, across 20-25 investments.

The fund targets opportunities in China, India and south-east Asia, including Indonesia and Thailand, and investments in these areas are expected to take up to 80-85% of the portfolio. The remainder will likely be invested in South Korea, Australia, and other Asian markets.

Among the LPs that have backed SSG Capital Partners V are Pennsylvania Public School Employees Retirement System (PSERS), California State Teachers' Retirement System (CalSTRS), and Virginia Retirement System.

SSG V falls under NYSCRF's opportunistic alternatives allocation.

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