New York State Common Retirement Fund, Albany, allocated an additional $350 million total to existing equity managers Apex Capital Management and Progress Investment Management, said Matthew Sweeney, a spokesman for state Comptroller Thomas DiNapoli, the sole trustee of the $180.7 billion pension fund.
The pension fund allocated an additional $250 million to Apex Capital, which manages a domestic smidcap growth equity portfolio. The new allocation brings Apex’s total portfolio to $355 million. Apex was previously a part of Progress Investment Management’s manger of emerging managers program, but has “graduated” into its own allocation, according to a notice on the state comptroller’s website.
Separately, the pension fund allocated an additional $100 million to Progress Investment Management for its domestic midcap equity strategy. The pension fund previously invested $1.7 billion with Progress Investment Management Mr. Sweeney did not provide additional information.
The new allocations will not result in manager terminations, Mr. Sweeney wrote. He did not provide a funding source.
The pension fund has a 38.5% target allocation to domestic equities and 16.9% target to non-U.S. and global equities.