New York State Common Retirement Fund, Albany, made seven commitments totaling $868 million focusing on private equity, opportunistic alternatives, real assets and emerging managers.
All of the commitments were made in February, according to a notice on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $197.3 billion pension fund.
The private equity commitments are:
- $250 million to CVC Capital Partners Asia V, a buyout fund that targets control joint control investments primarily in Southeast Asia. CVC is an existing relationship.
- $20 million to Contour Opportunity Fund II, a venture capital fund managed by Contour Venture Partners that focuses on late-stage investments in the technology sector, primarily in the Northeast U.S. Contour is an existing relationship.
- $10 million to Armory Square Ventures II, a venture capital fund that will make seed and early stage technology investments primarily in upstate New York. Armory Square is a new relationship.
In opportunistic alternatives, the pension fund committed $150 million to TSSP Adjacent Opportunities Partners, contingent fund managed by TPG that will target stressed opportunities and distressed non-control investments. TPG is an existing relationship.
The pension fund also committed $150 million to Hollis Park Value Fund, a closed-end commingled fund managed by Hollis Park Partners that will focus on opportunistic investments in structured credit and structured derivatives. Hollis Park Partners is an existing relationship.
The pension fund also made a real assets commitment of $268 million to the EQT Infrastructure IV, managed by EQT Partners focused on infrastructure investments in energy, transport and logistics, environmental, telecom and social assets in Europe and North America. EQT is an existing relationship.
As part of its emerging managers program, the pension fund made a $20 million commitment to Wavecrest Growth Partners I, a private equity fund managed by Wavecrest Growth Partners that will make growth equity investments in lower middle-market business-to-business technology companies. The commitment was made through the M2 NY Pioneer Fund II, advised by Muller & Monroe. Wavecrest is a new relationship.