New York State Common Retirement Fund, Albany, hired Rock Creek Group to run $200 million, the first allocation in the $132.6 billion fund’s new emerging-manager component of its hedge fund program, confirmed Robert Whalen, a spokesman for New York state Comptroller Thomas P. DiNapoli, the fund’s sole trustee.
“We want to replicate the great success we’ve had with emerging managers in the fund’s public and private equities portfolios, and Rock Creek is the right firm to kick this off in the hedge fund space,” Mr. DiNapoli said in a news release.
Rock Creek, a fund of funds, will help develop the emerging manager hedge fund portfolio, “focusing on newer firms, firms with assets totaling less than $500 million, and women- and minority-owned fund management companies,” according to the release.
The emerging managers sought by the fund are typically firms that were established within the last three to five years, said Olayinka Fadahunsi, a spokesman for Mr. DiNapoli, in an e-mail response to questions.
In a telephone interview, Mr. Whalen said the $200 million being allocated to Rock Creek is part of the fund’s overall $3.8 billion hedge fund portfolio, the rest of which is managed internally.
Aside from the $200 million, the fund isn’t planning to expand its hedge fund commitment at this time, Mr. Fadahunsi wrote.
The fund has a total of about $5 billion committed to emerging managers, including about $2 billion in private equities and about $3 billion in public equities.