New York State Teachers’ Retirement System, Albany, committed $350 million each to enhanced passive international equity managers Merrill Lynch Investment Managers, Barclays Global Investors and Deutsche Asset Management. The $78 billion system also committed $100 million to Warburg Pincus Private Equity VIII, and $25 million each to ABRY Mezzanine Partners and Apex Investment Fund V. Real estate awards of $50 million each went to ARCap High Yield CMBS Fund and Landmark Real Estate Fund IV.
Separately, the system put American Express Asset Management, which runs $349 million in active international equities, on watch for performance. The contract of Lazard Asset Management, which runs $276 million in active international equities, was renewed, but it also was put on watch for performance; and Lincoln Capital Management, which runs $323 million in an active domestic large-cap growth equity strategy, also was renewed, but remains on watch for performance.
The system also renewed Alliance Capital Management as manager of $850 million in passive international equities and $661 million in active domestic large-cap growth equities; Capital Guardian and Bank of Ireland, managing $882 million and $586 million, respectively, in active international equities; Iridian, managing $573 million in active domestic large-cap value equities; and Clarion Capital and BlackRock, managing $203 million and $149 million, respectively, in commercial mortgage-backed securities.
Montag & Caldwell was rehired to manage $547 million in active domestic large-cap growth equities and was taken off the system’s watch list.
