The New York State Common Retirement Fund, Albany, allocated a combined $3.8 billion to 13 alternatives and public equity strategies in June , according to the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $272.1 billion pension fund.
In real estate, the pension fund allocated $2.2 billion to five managers:
- $500 million to Principal U.S. Property Separate Account, managed by Principal Real Estate Investors. This is an "open-ended diversified fund, with investments focused on core stabilized assets within the main real estate sectors in the United States," the pension fund's website said. Principal Real Estate Investors, a new relationship for the pension fund, is a division of Principal Financial Group.
- $500 million to J.P. Morgan Strategic Property Fund, managed by J.P. Morgan Asset Management. This is an "open-ended comingled fund that invests primarily in core real estate assets located across the United States," the website said. J.P. Morgan is an existing relationship.
- $500 million in a follow-on commitment to PRISA, managed by PGIM Real Estate. PRISA is a "perpetual life, open-ended, commingled fund that invests primarily in core real estate assets located in the United States," the website said.
- $500 million to Blackstone Real Estate Partners X, which "will construct a diversified portfolio of real estate and real-estate related assets globally," the website said. Blackstone is an existing relationship for the pension fund.
- $200 million to Fairfield U.S. Multifamily Core Plus Fund II, managed by Fairfield Residential. This is a "closed-end, core-plus style real estate fund which will invest in multifamily assets" in suburban U.S. markets. Fairfield Residential is an existing relationship.
In private equity, the pension fund made four commitments totaling $732.1 million:
- $400 million to Hamilton Lane NY Israel Fund II, which "will target Israel-focused funds and co-investments primarily in the technology and health-care/life sciences sectors," the website said. Hamilton Lane is an existing relationship for the pension fund.
- €225 million ($230.8 million) to Bridgepoint Europe VII. This fund will invest in business services, media, sports rights, financial services, health care and advanced industrials, the website said. Bridgepoint is an existing relationship.
- €50 million ($51.3 million) to Marble Arch Albany Co-Investment, managed by Bridgepoint, which will "seek to investment additional capital in high conviction opportunities alongside Bridgepoint Europe VII," the website said.
- $50 million to New York Credit SBIC Fund II, managed by Hamilton Lane, which "will pursue debt investments in the lower middle-market across New York State," the website said.
Additionally, the pension fund made two private credit commitments to Sixth Street Partners totaling $350 million — $200 million to Sixth Street Opportunities Partners V and $150 million to Sixth Street Growth Partners II. Sixth Street is an existing relationship.
In public equity, the pension fund hired Pictet Asset Management to manage $500 million in its global environmental opportunities strategy. Pictet is a new relationship.
Also, as part of its emerging manager program, the pension fund said it will commit up to $16 million to Basis Investment Group's BIG Equity Value-Add Fund II, through the Empire GCM RE Anchor Fund. GCM Grosvenor is an emerging manager program partner within the real estate asset class, the website said. BIG Equity Value-Add Fund II is a joint venture "focused on middle-market value-add and opportunistic commercial real estate assets," the website said. Basis Investment Group is an existing relationship.
