New York State Common Retirement Fund, Albany, invested $200 million with Pine Street Alternative Asset Management for opportunistic investments through the pension fund’s emerging managers program, confirmed Nikki Jones, a spokeswoman for Thomas DiNapoli, the state comptroller and sole trustee of the $173.2 billion pension fund.
Mr. DiNapoli announced the investment Friday to attendees of the seventh annual Emerging Manager Conference in Albany sponsored by the pension fund.
This is the pension fund’s first investment with Pine Street, Ms. Jones said in an interview.
Pine Street provides seed capital and other financing to emerging hedge fund managers, focusing on women- and minority-owned hedge fund managers, Caroline Lovelace, a partner and co-portfolio manager at Pine Street, said in an interview. Hedge fund investments could include distressed debt, long/short equity and long/short credit, Ms. Lovelace said.
