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New York State Common allocates $300 million to TIPS, private equity

New York State Comptroller Thomas DiNapoli
Thomas DiNapoli

New York State Common Retirement Fund, Albany, hired New Century Advisors to manage $250 million in a Treasury inflation-protected securities strategy, according to information posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $184.5 billion pension fund.

New Century is being funded through the pension fund’s emerging managers program. The investment is being funded from cash and from the sale of some internally managed TIPS investments, the website said.

The pension fund also made a $50 million private equity commitment to MBK Partners IV through the Asia Alternatives Capital Partners IV Fund.

The MBK commitment will concentrate on “defensive industry themes underpinned by domestic consumption” in South Korea, Japan and China, according to the comptroller’s website. “MBK is a blind pool investment structure that invests largely in privately held companies in Asian markets,” Matthew Sweeney, a spokesman for Mr. DiNapoli, wrote in an e-mail. The New York State pension fund “uses the Asia Alternatives fund to lead due diligence and invest in a portfolio of private equity funds,” he added.

Both transactions were made in November, and both money managers are new relationships for the pension fund.