North Carolina Retirement Systems, Raleigh, committed $1.5 billion in recent months, according to an update provided by the investment management division to the investment advisory committee Sept. 24. The commitments represent new activity since the committee's May meeting.
Real estate commitments totaling $543 million were made to: Meadow Partners' Meadow Real Estate Fund III for $100 million and Meadow London Core-Plus Fund for £100 million ($162 million); $200 million to Rockpoint Group's first lower-risk, lower-return core-plus fund, Rockpoint Core Plus Real Estate Fund; and up to £50 million to Frogmore Real Estate Partners III.
In its inflation portfolio, North Carolina invested $200 million in Blackstone Granite Fund-Class B and $100 million in Blackstone Granite Fund-Class C, both managed by Blackstone Alternative Asset Management. Another $350 million was committed to Varde Partners' Varde Fund XI, a distressed debt fund.
Also, the $90.1 billion pension fund committed €60 million ($76 million) to credit fund MCP Private Capital Fund II, managed by Metric Capital Partners.
In private equity, Lexington Partners' Lexington Middle Market Investors III received a commitment of $150 million and ARCH Venture Partners received an $80 million commitment for its ARCH Venture Fund VIII.