New York State Common Retirement Fund, Albany, made nine commitments to alternative investments for up to $1.8 billion in September, according to a notice posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $254.1 billion pension fund.
The pension fund made three credit commitments:
- KLIM Delta Excelsior Fund, managed by Kennedy Lewis Management, for $600 million. This is a new relationship. "The fund pursues a flexible all-weather opportunistic credit strategy via directly originated private, first lien, senior secured, performing loans," the website said.
- PIMCO Specialty Finance Income Fund, managed by Pacific Investment Management Company, for $375 million. This is a commingled fund that "will target specialty finance credit, including consumer and nonconsumer loans, portfolios solutions as well as select platform investments in specialty lenders and servicers," the website said. This is a new relationship.
- Pearl Diver Empire Fund, managed by Pearl Diver Capital, for $100 million. The fund invests in securities of collateralized loan obligations. This is an existing relationship.
The pension fund made three private equity commitments:
- Insight Partners XIII, managed by Insight Venture Management, for $300 million. This fund will target software businesses, primarily in the business-to-business market and primarily in North America.
- Vistria Fund V, managed by The Vistria Group, for $125 million. Vistria will seek investments in the healthcare, education and financial services sectors, primarily in the United States. Vistria is an existing relationship.
- Vistria SMA NYCRF Co-Invest, managed by The Vistria Group, for $50 million. This fund will "seek to invest additional capital in high conviction opportunities alongside Vistria Fund V," the website said.
- The New York pension fund also made a $150 million opportunistic return strategies commitment H.I.G. Middle Market IV Co-Investment SMA (C), managed by H.I.G. Capital. This is a co-investment sidecar vehicle that will invest in certain co-investment opportunities alongside H.I.G. Middle Market L.B.O. Fund IV. The New York pension fund committed $300 million to H.I.G Middle Market L.B.O. Fund IV, on July 21, and its focus is "control equity investments in middle-market companies located primarily in the United States," the website said.
- The pension fund made a real assets commitment to AIP Co-Invest 2023B, managed by Antin Infrastructure Partners, for €100 million ($110 million). This is a closed-end fund whose targets include infrastructure investments in energy, environment, telecommunications and transport sectors. Antin is an existing relationship for the CRF.
- The pension fund made a real estate commitment to Alpaca Real Estate JV I, managed by Alpaca VC Investment Management, for up to $10 million. This is part of the New York pension fund's emerging managers program, and the commitment was made through the Empire GCM RE Anchor Fund/GCM Grosvenor, an emerging manager program partner. Alpaca an existing relationship.
The pension fund also terminated the Ariel International Equity Fund, managed by Ariel Investments. The account value was approximately $345 million at the Sept. 11 termination date. The pension fund gave no explanation; a spokesman declined to comment.
