New York State Common Retirement Fund, Albany, made seven commitments to alternative investments in June, totaling $1.3 billion, according to a notice posted on the website of state Comptroller Thomas P. DiNapoli, the sole trustee of the $248.5 billion pension fund.
The commitments include four private equity transactions:
- $450 million to TA XV, which is managed by TA Associates and will seek investments in the consumer, financial services, technology, business services, and health-care sectors.
$125 million to EagleTree Partners VI, which is managed by EagleTree Capital and will target investments in the consumer, specialty industrials, and media and business services sectors. Investments will primarily be in North America.
€100 million ($112 million) to PSG Europe II, managed by PSG Equity and will focus on software and technology-enabled companies in western Europe.
$19 million to Long Ridge Equity Partners IV through the NYSCRF Pioneer Partnership Fund A-III, advised by HarbourVest Partners as part of the pension fund's emerging manager program. Long Ridge seeks to invest in lower middle-market business and financial services companies in North America.
All four are existing managers for the pension fund.
The New York pension fund also made a pair of credit commitments, including $375 million to MSD Empire Fund, managed by MSD Partners, a separately managed account focusing primarily on privately negotiated loan packages to non-sponsored companies.
The other credit commitment was for $100 million to CVI Excelsior Opportunities Fund, managed by AB CarVal Investors. This fund "will invest alongside, in certain situations" with the CVI Clean Energy Fund B II, said the pension fund's website, adding that the emphasis will be on credit opportunities in clean energy, renewable energy and energy storage. AB CarVal Investors is an existing relationship.
The pension fund also made a real estate commitment of $150 million to Bell Value-Add Fund VIII, managed by Bell Partners. This is a closed-end commingled fund that acquires mid- to large-sized apartment communities in certain U.S. markets. Bell Partners is a new relationship.
The New York pension fund also terminated its $566 million investment in the Rock Creek Adirondack Emerging Markets Fund — a fund-of-funds equity strategy — effective June 9. Matthew Sweeney, a spokesman for Mr. DiNapoli, declined to comment on the termination. Proceeds were allocated to cash.