The $122 billion New York State Common Retirement Fund, Albany, invested $235 million directly in four hedge funds in February, according to the monthly transaction report released today by Thomas P. DiNapoli, New York state comptroller and the sole trustee of the fund.
Three were additional commitments to existing hedge fund managers: $40 million in the tactical trading specialist BlueTrend Fund; $40 million in event-driven debt fund King Street Capital; and $55 million in long/short equity fund Viking Global Equities III.
The state retirement fund also invested $100 million in a new hedge fund, the Brevan Howard Fund, a global macro fund.
The retirement fund has a 5% hedge fund target and has about $3 billion invested.
The fund also invested $3 million in three real estate properties through existing manager Community Preservation Corp.