New York State Common Retirement Fund, Albany, completed $4 billion in manager hires and commitments in April, a new transaction report shows.
The report, posted on the website of Thomas P. DiNapoli, the state's comptroller and sole trustee of the $254.8 billion pension fund, disclosed three new multiasset-class strategic partnerships with Morgan Stanley Investment Management, Schroder Investment Management and Wellington Management.
The three managers will each run a $1 billion public markets multiasset-class portfolio, each relying "on tactical asset allocation to outperform a strategic benchmark consistent with CRF's benchmark," the report said. Funding comes from cash.
Also in April, within its credit asset class, the pension fund committed $300 million each to Brookfield Special Investments Fund and BSI Co-Invest (C), both opportunistic credit funds managed by Brookfield Asset Management, and $124 million to PDC Opportunities IX, a credit fund managed by Pearl Diver Capital that invests primarily in debt and equity tranches of collateralized loan obligations managed by third-party investment firms. In September 2020, the pension fund committed $250 million to Pearl Diver Empire Fund, a credit fund of funds that invests in PDC Opportunities VIII, PDC Opportunities IX and PDC Opportunities X.
The pension fund also completed one real estate transaction in April, committing €200 million ($244 million) to Exeter Europe Logistics Value Fund IV, a value-added real estate fund managed by Exeter Property Group.
Within its emerging manager program in April, the pension fund committed $50 million to K5 Private Investors, a middle-market buyout fund managed by K1 Investment Management made through the NYSCRF Transition Annex Fund, advised by HarbourVest Partners.
Finally, in private equity, the pension fund committed $15 million to Primary Select Fund II, a later-stage growth equity fund managed by Primary Venture Partners.