New York State Common Retirement Fund, Albany, completed up to $745 million in alternative fund commitments in October, according to a new transaction report on the website of Thomas P. DiNapoli, state comptroller and sole trustee of the $267.8 billion pension fund.
In private equity, the pension fund committed $300 million to growth equity fund Insight Partners XII, and also made a follow-on commitment of $10 million to JVP Growth Opportunity X.
The latter is a growth equity fund targeting investments in growth-oriented Israeli and Israel-related technology companies managed by Jerusalem Venture Partners, through the Hamilton Lane/NYSCRF Israel Fund. The pension fund originally committed $10 million to the fund in February.
In its credit asset class, the pension fund committed $250 million to Owl Rock Diversified Lending Fund 2020, a direct lending fund managed by Blue Owl Capital, and in opportunistic absolute-return strategies, the pension fund committed $170 million to Frazier Life Sciences Public Fund, a mezzanine fund focused on biotech and life sciences companies managed by Frazier Healthcare Partners.
The pension fund also disclosed a commitment in its emerging manager program of up to $15 million to Hillcrest Enhanced Yield and Income Fund I, a real estate joint venture with Hillcrest Finance focused on senior and mezzanine debt. That commitment was made through the Empire GCM RE Anchor Fund, overseen by GCM Grosvenor.
Also in October, the pension fund terminated active domestic midcap equity manager Iridian Asset Management from its $606 million portfolio. Assets were reallocated to cash.
The pension fund originally hired Iridian to run that portfolio in 2015. The transaction report did not provide a reason for the termination.
The pension fund also completed the liquidation of its $83 million investment in Semper Capital Management's opportunistic mortgage-backed securities portfolio. The pension fund originally invested $250 million in 2016. A reason for the liquidation was not provided.
Mark E. Johnson, spokesman for Mr. DiNapoli, said the office does not provide reasons for terminations.
