Key Takeaways
- • The New Hampshire Retirement System, Concord, approved two private equity commitments totaling up to $125 million, confirmed by CIO Raynald Leveque, with the $14.78 billion system's board acting at its October 27 monthly meeting.
- • Up to $75 million was committed to American Industrial Partners Capital Fund IX, a control-oriented buyout fund focused on manufacturing and industrial services primarily in North America; American Industrial Partners is an existing manager relationship.
- • Up to $50 million was committed to Audax Private Equity Fund VIII, a middle-market, control-oriented buyout fund focused on business services, financial services, healthcare, industrial, software and technology companies primarily in North America; Audax Management is a new relationship for the system.
Summary
The New Hampshire Retirement System, based in Concord, has made two private markets commitments totaling up to $125 million, according to Raynald Leveque, the system's chief investment officer, who confirmed the details in an email response to questions from Pensions & Investments. The $14.78 billion system's board of trustees approved both commitments at its monthly meeting on October 27, 2026.
The largest commitment is a private equity allocation of up to $75 million to American Industrial Partners Capital Fund IX, managed by American Industrial Partners. The fund is a control-oriented buyout strategy focused primarily on manufacturing and industrial services in North America. American Industrial Partners is an existing relationship for the retirement system.
The trustees also approved a private equity commitment of up to $50 million to Audax Private Equity Fund VIII, managed by Audax Management. This middle-market, control-oriented buyout fund targets business services, financial services, healthcare, industrial companies, and software and technology businesses, primarily in North America. Audax is a new manager relationship for the system.
Together, the two commitments add to the system's private equity program, with one renewed relationship and one new manager. The source material does not specify the timing of capital calls or the expected allocation impact on the system's overall portfolio.
The largest commitment is a private equity allocation of up to $75 million to American Industrial Partners Capital Fund IX, managed by American Industrial Partners. The fund is a control-oriented buyout strategy focused primarily on manufacturing and industrial services in North America. American Industrial Partners is an existing relationship for the retirement system.
The trustees also approved a private equity commitment of up to $50 million to Audax Private Equity Fund VIII, managed by Audax Management. This middle-market, control-oriented buyout fund targets business services, financial services, healthcare, industrial companies, and software and technology businesses, primarily in North America. Audax is a new manager relationship for the system.
Together, the two commitments add to the system's private equity program, with one renewed relationship and one new manager. The source material does not specify the timing of capital calls or the expected allocation impact on the system's overall portfolio.
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