New York State Common Retirement Fund, Albany, made a total of $200 million in direct investments with three firms that had been in the $129.4 billion system’s two emerging managers programs.
Each firm is involved in the fund’s domestic equity investment program.
The fund allocated an additional $100 million to Piedmont Investment Advisors, which had been running $60 million in an emerging manager program led by Progress Investment Management and FIS Group, according to Robert Whalen, a spokesman for Thomas P. DiNapoli, the state comptroller and the fund’s sole trustee.
Sasco Capital and GlobeFlex Capital, which were part of the emerging managers program run solely by Progress Investment Management, were each given $50 million to run. Sasco already ran $171 million for the fund, and GlobeFlex, $160 million.
“The fund currently has two emerging manager programs, and when a manager is ‘graduated,’ it means the fund moves them from the emerging program to the direct lineup of managers,” Mr. Whalen said. “The graduation is based on the firm’s growth of assets and ability to directly support a client like the fund through their business infrastructure.”
An emerging manager is defined as a firm with assets under management of $2 billion or less at time of funding, Mr. Whalen said.
Separately, the fund invested $100 million in the Pharo Macro Fund, an absolute-return fund that focuses on emerging markets, according to a news release from Mr. DiNapoli.