New York State Common Retirement Fund, Albany, made commitments to seven alternative funds totaling $1 billion in July, according to information posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $246.3 billion pension fund.
The pension fund made three real assets commitments:
- €200 million ($201 million) to DIF Infrastructure VII, a core infrastructure fund managed by DIF Capital Partners that will invest in public-private partnerships, utilities and renewable energy. DIF Capital is a new relationship for the pension fund.
- €200 million to DIF Core Plus Infrastructure Fund III, also managed by DIF Capital that will focus on small- and midmarket investments in telecom, energy and transportation.
- $100 million to ISQ Co-Investment Fund III (NY) managed by I Squared Capital. This fund "will seek to invest alongside the main fund — ISQ Global Infrastructure Fund III — in a portfolio of renewable power infrastructure assets," the website said. I Squared Capital is an existing relationship for the pension fund.
The pension fund made three private equity commitments:
- €200 million to EQT X, a buyout fund managed by EQT Partners. This fund will seek investments in the health-care, technology, industrial technology and services sectors primarily in Western Europe. EQT is an existing relationship.
- $100 million to Siris Partners V, a buyout fund managed by Siris Capital Group that will focus on investments in U.S.-based technology companies "across a variety of subsectors," the website said. Siris is an existing relationship.
- $15 million to 1315 Capital Early Growth, managed by 1315 Capital, through M2 NY Pioneer Fund III, advised by Muller & Monroe Asset Management. This is part of the pension fund's emerging manager program. "1315 will provide expansion and growth capital to commercial-stage health-care companies in North America," said the website, adding that 1315 Capital is a new relationship.
The pension fund also made a $200 million commitment to Noble Hospitality Fund V, a real estate fund managed by Noble Investment Group that will invest in upscale select-service and extended-stay hotels in the U.S.. Noble Investment is an existing relationship.
