New York State Common Retirement Fund, Albany, made 11 commitments in October totaling more than $1.4 billion, according to the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $246.3 billion pension fund.
The pension fund made two real assets commitments of $250 million each to Stonepeak Opportunities Fund, managed by Stonepeak Partners, and to Castlelake Aviation V Stable Yield. Both managers are existing relationships.
The Stonepeak fund is a closed-end fund targeting middle-market infrastructure and infrastructure-like assets.
The Castlelake fund is a closed-end fund focused on sale-leaseback and lessor trading transactions of aircraft, as well as structuring and/or acquisition of aviation debt, the website said.
The pension fund also made a $375 million opportunistic absolute-return commitment to Fundamental Empire Fund, managed by Fundamental Advisors. This is a fund of one that invests in affordable and workforce housing, renewable energy, infrastructure and municipal assets, the website said. Fundamental Advisors is a new relationship for the pension fund.
The pension fund also made three private equity commitments:
- $200 million to Crestview Partners V, a middle-market buyout fund managed by Crestview Advisors that targets value investments in the media, financial services and industrials sectors primarily in North America. Crestview is an existing relationship.
- $63 million to EagleTree Excelsior Sidecar, a co-investment fund managed by EagleTree Capital. Eagle Tree will invest additional capital in co-investment opportunities alongside Eagle Tree Partners VI, to which the New York pension fund committed $125 million in June. This fund targets investments in the consumer, specialty industrials, and media and business services sectors, primarily in North America.
- $15 million to Tribeca Access Fund II, a growth fund managed by Tribeca Venture Partners that focuses on growth and late-stage companies across the technology sector, primarily in New York. Tribeca is an existing relationship.
The pension fund also made a pair of credit commitments for $100 million each to L2 Point Opportunities I, and L2 Point Excelsior Co-Invest Holdings I. Both are managed by L2 Point Management, a new relationship for the pension fund.
L2 Point Opportunities I is a commingled fund that seeks structured equity investments in growth-oriented, technology focused companies with an emphasis on the healthcare, consumer and media sectors, the website said. L2 Point Excelsior Co-Invest Holdings I is a fund of one established to invest alongside the commingled fund.
In addition, the pension fund made three commitments through its emerging managers program:
- $51 million to Coalesce Capital Partners Fund I, through NYSCRF Transition Annex Fund, which is advised by HarbourVest Partners, an emerging manager program partner in private equity. The fund seeks to make control buyout investments in middle-market technology-enabled services companies. Coalesce is a new relationship.
- $26 million to KLC Fund II, through NYSCRF Pioneer Partnership Fund A-III, which is advised by HarbourVest Partners. The KLC buyout fund, which is managed by Knox Lane, invests in middle-market companies in the consumer and services sectors in North America. Knox Lane is an existing relationship.
- Up to $15 million to American South Real Estate Fund II, through the Empire GCM RE Anchor Fund/GCM Grosvenor, which is an emerging manager program partner in the real estate asset class. The real estate fund is managed by American South Fund Management, a real estate investment firm focused on preferred equity and mezzanine debt investments into affordable housing in the southern U.S. the website said. American South is a new relationship.
Separately, the pension fund terminated Strategic Global Advisors, a global equity fund and allocated the $237 million in fund assets to cash. A spokesman declined to comment on the termination.
