The New York State Common Retirement Fund, Albany, announced on Tuesday a $50 million commitment in New York-based companies via the fund’s in-state private equity investment program, said Nikki Jones, a spokeswoman for state Comptroller Thomas DiNapoli, the sole trustee of the $180.7 billion fund.
The $50 million commitment brings to $1.3 billion the amount of money committed through the program, which started in 2000, Ms. Jones said in an interview. The New York State Common Retirement Fund has so far invested $760 million of the money committed through the program.
In a news release issued Tuesday, the comptroller’s office said investments made from the new $50 commitment will be supervised by Graycliff Partners, one of 19 firms that manage investments in the in-state private equity program. Graycliff “will invest in buyout and growth equity transactions across the state,” the news release said.
This is the first commitment to Graycliff.
“This $50 million commitment to Graycliff will help to keep the state pension fund strong for the more than 1 million retirement system members and retirees as well as promote growth in our local economies,” Mr. DiNapoli said in the news release.