New York State Common Retirement Fund, Albany, made up to $862 million in commitments to three private equity funds, two real assets funds, two funds within its emerging managers program and one credit fund, according to the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $216.3 billion pension fund.
The private equity commitments were:
- £150 million ($194 million) to Bridgepoint Development Capital IV, a pan-European lower-middle-market buyout fund. Bridgepoint is an existing relationship for the pension fund.
- £37.5 million ($49 million) to Wigmore Street BDC IV Co-Investment No. 2, a pan-European lower-middle-market buyout fund also managed by Bridgepoint.
- $30 million to Primary Venture Partners III, a venture capital fund. Primary is an existing relationship.
The pension fund's real assets commitments were $200 million to Grain Spectrum Holdings III, an infrastructure fund managed by Grain Management that focuses on the telecommunications sector; and $100 million to Stonepeak Global Renewables Fund Co-Invest (N.Y.), a renewable energy generation fund managed by Stonepeak Infrastructure Partners that invests primarily in wind and solar power generation.
The commitments to emerging managers were $24 million to Long Ridge Equity Partners III, a private equity fund that targets majority and significant minority investments in high-growth financial and business technology companies. Long Ridge is a new relationship for the pension fund. Also, $15 million was committed to Otter Storage Fund II, a real estate equity joint venture with Macritchie Group that acquires and automates self-storage facilities throughout the U.S. Macritchie is an existing relationship for the pension fund.
Finally, the pension fund committed $250 million to Pearl Diver Empire Fund, a credit fund of funds managed by Pearl Diver Capital that will invest in PDC Opportunities VIII, PDC Opportunities IX, and PDC Opportunities X. These funds will invest primarily in debt and equity tranches of collateralized loan obligations managed by third-party investment firms. PDC is a new relationship for the pension fund.
All of the commitments were made in September.