The New York State Common Retirement Fund, Albany, has moved $900 million to a new emerging markets equity mandate managed by Quantitative Management Associates, confirmed Eric Sumberg, a spokesman for State Comptroller Thomas DiNapoli.
Mr. DiNapoli is the sole trustee of the $140.3 billion state pension fund.
In an e-mail, Mr. Sumberg said $550 million of the mandate will come from a domestic large-cap equity core mandate also managed by Quantitative Management Associates and the other $350 million will come from cash.
“After this change, QMA does not manage any large-cap core domestic assets for the fund,” Mr. Sumberg wrote. “The transition of QMA from large-cap core to emerging markets is part of the changes the fund has made in accordance to the global equity strategic plan.”
Information about the transaction and other recent pension fund transactions is posted on the state comptroller's website at www.osc.state.ny.us/pension/monthlyreports/dec2011.pdf.
The New York pension fund made an additional allocation of $75 million to a global equity mandate managed by Generation Investment Management, according to the website. Mr. Sumberg said in an e-mail that Generation managed about $390 million for the pension fund before the additional allocation.
In other transactions, the pension fund:
- invested $119 million with private equity fund Hony Capital V, a first-time commitment. Mr. Sumberg wrote that Hony will focus on private equity opportunities in China.
- invested $150 million with the private equity Searchlight Capital, a new relationship. Mr. Sumberg wrote that Searchlight will focus on private equity middle-market opportunities in the U.S. and Europe.
- invested up to $120 million with the private equity Acon Equity Partners III. Mr. Sumberg wrote that Acon will focus on private equity lower- and middle-market opportunities in the U.S. The fund had previously committed $70 million to Acon, he wrote.
- invested $30 million in GTIS Real Estate Fund II, through the Lake Montauk Real Estate Fund. This is a new relationship. “The Lake Montauk Fund is a fund-of-funds account handled by Franklin Templeton,” Mr. Sumberg wrote.