New York State Common allocates $2.8 billion to 11 funds

New York State Common Retirement Fund, Albany, announced new commitments totaling $2.8 billion in a June transaction report posted on the website of Thomas DiNapoli, the state comptroller and sole trustee of the $194.3 billion pension fund.

Within private equity, the pension fund committed €500 million ($592 million) to European buyout fund CVC Capital Partners VIII, $300 million to KKR Asian Fund IV, a buyout fund managed by KKR & Co., and $200 million to Ares Corporate Opportunities Fund VI, a global flexible buyout fund managed by Ares Management.

As of March 31, the actual allocation to private equity was 11.2%.

Within real estate, the pension fund committed £200 million ($262 million) to Pramerica Real Estate Capital VII, a European real estate debt fund managed by PGIM Real Estate, and €200 million ($237 million) to Exeter Europe Industrial Core, a closed-end industrial real estate fund managed by Exeter Property Group.

Also within real estate, the pension fund committed $100 million to AEPEP III N Strategic Co-Invest, a European real estate co-investment fund. The transaction report says it is a co-investment partnership to be invested alongside Ares European Property Enhancement Partners III at the pension fund’s discretion. The pension fund committed €318 million to that fund in March.

In opportunistic absolute return strategies, the pension fund committed $300 million to Stellex Capital Partners II, a middle-market special situations buyout fund, and $100 million to Stellex II Co-Investment NY, a co-investment vehicle formed to invest in opportunities alongside the former fund, both managed by Stellex Capital Management.

In real assets, the pension fund committed $250 million each to Stonepeak Infrastructure Fund IV, a closed-end North American-focused infrastructure fund, and Stonepeak Global Renewables Fund, a closed-end renewable energy generation fund, both managed by Stonepeak Infrastructure Partners.

Within its credit asset class, the pension fund committed $200 million to collateralized loan obligation fund Neuberger Berman Loan Advisors Holdings II.

As of March 31, the actual allocation to real estate and real assets was 9.7%, and the actual allocation to absolute return strategies and opportunistic alternatives was 3.9%.

Source: Pensions&Investments

By Rob Kozlowski

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