New York State Common Retirement Fund, Albany, made five commitments to alternative investments totaling $1.2 billion and terminated an emerging markets equity manager that handled $799 million, according to a notice posted on the website of Thomas P. DiNapoli, the state comptroller and the sole trustee of the $246.3 billion pension fund.
The transactions occurred in September.
The website identified the terminated manager as Genesis Investment Management, but it provided no details. The terminated money was allocated to cash. A spokesman for Mr. DiNapoli didn't return a request for comment. A Genesis representative couldn't be reached for comment.
The pension fund made the following commitments:
- $300 million to Bridge Workforce & Affordable Housing Fund II, a real estate fund managed by Bridge Investment Group Holdings. This is a closed-end fund "focused on building, preserving and rehabilitating apartment communities that meet the needs of … a population ineligible for government subsidies and unable to afford market rate housing," the website said. Bridge Investment Group is a new relationship for the pension fund.
- $300 million to B Capital Coinvest Fund, an opportunistic absolute-return fund managed by B Capital Group Management. The website said this is a "no-fee, no carry sidebar vehicle," but it provided no details and a spokesman for Mr. DiNapoli did not return a request for comment. B Capital Group is an existing relationship.
- $300 million in a follow-on commitment to LaSalle Property Fund, a real estate fund managed by LaSalle Investment Management. This is an additional commitment to an original $300 million commitment made in March 2021 for the open-end fund "focused on acquiring and managing a diversified portfolio of core real estate," the website said.
- $250 million to Clearlake Opportunities Partners III, a credit fund managed by Clearlake Capital Group. This commitment "targets non-control sector-focused special situations opportunities," the website said. Clearlake is an existing relationship.
- $20 million to Fortissimo Capital Fund VI, a private equity fund managed by Fortissimo Capital, through Hamilton Lane NY Israel Fund II. The Fortissimo fund "will seek to make investments in top-performing portfolio companies, across the technology and industrials sectors," the website said. Fortissimo is an existing relationship.