New York State Common Retirement Fund, Albany, allocated a total of $6.92 billion across public and private equity, real estate and real assets, said recently released January and February transaction reports.
In public equity, the $178.3 billion pension fund hired Wellington Management to run $700 million in an international equity strategy. Funding came from cash.
Also, the pension fund invested $2.5 billion in an internally managed FTSE Russell High Efficiency Defensive index strategy, confirmed Matthew Sweeney, spokesman for state Comptroller Thomas DiNapoli, the sole trustee of the pension fund, in an e-mail. Funding came from internally managed domestic equity.
In private equity, the pension fund approved $365 million total in new or additional commitments.
The pension fund committed $200 million to buyout fund TA XII, and $150 million to TA Subordinated Debt Fund IV, which will invest in the debt of some larger transactions executed by TA XII, according to the report. The pension fund has previously committed to other TA Associates funds.
Also in private equity, the pension fund committed an additional $15 million to 57 Stars Emerging Europe Fund, a separate account fund of funds that focuses on emerging markets opportunities in Europe. The pension fund previously committed $100 million to the strategy in 2009.
In real estate, the pension fund committed $400 million to Brookfield Strategic Real Estate Partners II and an additional $100 million for co-investments. The closed-end global opportunistic fund is managed by Brookfield Asset Management, and will seek direct real estate acquisitions and positions of control or influence in real estate companies, distressed loans and securities, according to the report. The pension fund previously committed $400 million to middle-market buyout fund Brookfield Capital Partners IV.
Also in real estate, the pension fund committed $350 million to J.P. Morgan Asset Management's Strategic Property Fund, an open-end U.S. core real estate fund.
In real assets, the pension fund committed $250 million to North Haven Infrastructure Partners II managed by Morgan Stanley Infrastructure. It is a new relationship.
The investment reports also included a previously announced $2 billion investment in a GSAM FTSE Russell Low Emissions Risk Aware index fund and a previously announced $250 million investment with emerging manager Semper Capital Management for an opportunistic mortgage-backed securities portfolio.
The low emissions index fund was created in partnership with Goldman Sachs Asset Management and will be managed internally. Funding came from internally managed domestic equity. Funding for Semper came from cash, according to the report.