Searches and Hires

New York State Common slates $1.65 billion for 8 alternatives funds

New York State Common Retirement Fund, Albany, made eight commitments totaling $1.65 billion, according to information posted on the website of state Comptroller Thomas DiNapoli, the sole trustee of the plan.

The $197.1 billion pension fund committed $480 million to Apollo Investment Fund IX, a buyout fund managed by Apollo Global Management. The pension fund previously committed $400 million to Apollo Natural Resources II in 2015.

The pension fund also committed $300 million each to GSO Capital Solutions Fund III, a distressed debt fund managed by GSO Capital Partners, and Prologis Targeted U.S. Logistics Fund, an open-end real estate fund. The pension fund committed $150 million to GSO Capital Opportunities Fund III in 2016.

Also, the pension fund committed $150 million each to Neuberger Berman Loan Advisers Holdings, a collateralized loan obligation fund; Palladium Equity Partners V, a buyout fund; and The Rise Fund, a private equity fund with an impact investing focus managed by TPG. The pension fund's previous Neuberger Berman commitment was with the money manager's private equity business, Dyal Capital Partners, committing $285 million to the main fund and $215 million to the co-investment fund of Dyal Capital Partners III, in 2016. The pension fund previously committed $100 million to Palladium Equity Partners IV in 2013 and committed $250 million to TPG's TSSP Adjacent Opportunities Partners 3.0 earlier this year.

The pension fund also committed $22 million through its emerging manager program to HighBar Partners III, a growth equity fund focusing on North American enterprise technology and infrastructure software businesses. The commitment was made through M2 NY Pioneer Fund, managed by program partner Muller & Monroe Asset Management.

The pension fund also made a follow-on commitment of $100 million to New York Co-Investment Pool Asia Investors II, a separate account private equity fund of funds managed by Asia Alternatives Management. The pension fund originally committed $150 million to the fund in 2015.

Separately, in June the pension fund added $250 million to the portfolio of domestic large-cap equity manager Eagle Capital Management. The pension fund originally hired the manager to run $500 million in 2014. Funding came from cash.

In July, the pension fund terminated Systematic Financial Management from a $491 million domestic small-cap value equity portfolio. Also in July, the pension fund reduced the domestic equity portfolio of AJO by $500 million; in 2011, the pension fund had increased the portfolio by the same amount. The current portfolio size could not be immediately learned. Both the termination and portfolio reduction were allocated to cash. The reasons for the equity changes were not provided.

Matthew Sweeney, Mr. DiNapoli's spokesman, could not immediately provide further information.