New York State Common Retirement Fund, Albany, made $1.95 billion in manager hires and commitments in June, according to a transaction report on the website of Thomas DiNapoli, state comptroller and sole trustee of the $207.4 billion pension fund.
Within its global equity asset class, the pension fund hired Acadian Asset Management to run $300 million in active international small-cap equities. Funding comes from cash.
In private equity, the pension fund committed €250 million ($293 million) to Bridgepoint Europe VI, a European middle-market buyout fund; $250 million to buyout fund Providence Equity Partners VIII and $50 million to Providence Strategic Growth Fund III; €200 million ($234 million) to CVC Strategic Opportunities Fund II, a buyout fund managed by CVC Capital Partners; $200 million to TowerBrook Investors V, a buyout fund managed by TowerBrook Capital Partners; and $150 million to buyout fund GenNx360 Capital Partners III.
All are existing relationships for the pension fund, except for TowerBrook. The pension fund previously committed €350 million to CVC Capital Partners VII in 2017; €150 million to Bridgepoint Europe V in 2015; $125 million to GenNx360 Capital Partners II in 2012; and $100 million to Providence Equity Partners VII in 2013.
Also in private equity, within its emerging manager program, the pension fund committed $30 million to Sycamore Partners III, a buyout fund, through its Pioneer Partnership Fund A II, advised by HarbourVest Horizon, and $20 million to Aldrich Capital Partners Fund I, a growth equity fund, through its M2 NY Pioneer Fund II, advised by Muller and Monroe.
In real estate, the pension fund committed €150 million ($176 million) to Exeter Europe Value Venture III, a value-added real estate fund managed by Exeter Property Group, and $150 million to value-added real estate fund Heitman Value Partners IV. It is the pension fund's first commitment to an Exeter fund. The pension has made commitments to prior Heitman funds.
In opportunistic alternatives, the pension fund committed $100 million to The Vivo Opportunity Fund, a venture capital fund managed by Vivo Capital.