New York State Teachers' Retirement System, Albany, allocated at least $475 million to five managers, according to a summary and meeting materials from the Aug. 2 board meeting.
The $109.2 billion pension fund hired Columbia Threadneedle Investments to manage $200 million in high-yield fixed income and CBRE Global Investors to manage a separate account for the acquisition and disposition of U.S. commercial real estate investments. An allocation size for CBRE and funding sources were not provided.
Also at the board meeting, the pension fund board approved a new 1% target for private debt and a 1-percentage-point reduction to real estate debt to 7%.
Additionally, the pension fund committed up to $275 million total to three private equity managers — up to $100 million to ADV Opportunities Fund II, an Asia-focused deep value/special situations fund managed by ADV Partners; up to $100 million to Orion Energy Credit Opportunities Fund II, a fund managed by Orion Energy Partners that focuses on direct lending to North American middle-market energy companies; and up top $75 million to Valor Equity Partners Fund IV, a growth-focused private equity fund.
John Cardillo, pension fund spokesman, could not be immediately reached to provide further information.