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New York State Common earmarks $500 million for distressed debt

New York State Common Retirement Fund, Albany, committed $500 million in February, said a monthly transaction report on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $186 billion pension fund.

The pension fund made a $500 million private equity commitment to Oaktree Opportunities Fund Xb, a distressed debt fund managed by Oaktree Capital Management (OAK) that “will target non-control investments in the distressed and special situations sectors,” the report said.

The pension fund has made previous commitments to Oaktree funds.