North Carolina Retirement Systems, Raleigh, allocated $600 million in July and August, said documents released at an investment advisory committee meeting Wednesday.
North Carolina committed $300 million to Blackstone Group — $250 million for a core private equity fund, Blackstone Core Equity Partners, and $50 million to Blackstone Strategic Partners VII, a secondary fund with interests in mezzanine debt, distressed debt and venture capital.
In non-core real estate, it committed $200 million to Rockwood Capital's Rockwood Development Partners and $100 million to Crow Holdings Retail Fund II, a value-added real estate fund managed by Crow Holdings Capital Partners.
Separately, the North Carolina Treasurer's Office, which manages $116.4 billion in assets, including the $89.3 billion pension fund, projects making gross commitments between October and January 2017 of $2.36 billion, with $325 million for new relationships and $1.91 billion in redemptions or rebalancing, for a net of $449 million. There are several closed-end funds that will have limited openings that NCRS may want to invest in, the review noted.
The new commitments are projected to be $700 million in opportunistic fixed income, $510 million in private equity, $350 million in real estate, $300 million each to inflation sensitive and multistrategy, and $200 million in public equity.