New York State Common Retirement Fund, Albany, disclosed just under $1.8 billion in manager hires and alternative fund commitments completed in May, according to a newly released transaction report on its website.
Within its credit asset class, the $248.5 billion pension fund hired Golub Capital to run two separate credit accounts totaling $500 million.
The pension fund is investing $300 million in Golub Sapphire Fund and $200 million in Golub Emerald Fund, both targeting opportunistic credit opportunities. The Emerald Fund co-invests alongside the Sapphire Fund and other Golub funds. The manager represents a new relationship for the pension fund, according to the transaction report.
Within real assets, the pension fund committed $450 million to EQT Infrastructure VI, an infrastructure fund managed by EQT Fund Management, and €250 million ($272 million) to Antin Infrastructure Partners V, an infrastructure fund targeting energy and environment, telecommunications, transportation and social sectors.
Within real estate, the pension fund committed $300 million to Waterton Residential Property Venture XV, a value-added real estate fund managed by Waterton Associates.
Within private equity, the pension fund committed $150 million and $50 million, respectively, to middle-market buyout fund TowerBrook Investors VI and TowerBrook Empire Opportunities, which co-invests alongside the former fund, both managed by TowerBrook Capital Partners; $25 million to Insight Vision Capital II, a venture capital fund managed by Insight Partners; and $15 million to venture capital fund Armory Square Ventures III.
Finally, within public equity, the pension fund terminated Morgan Stanley Investment Management from a $573 million active emerging markets equity portfolio. Funding was reallocated to cash, and the report did not provide a reason for the termination.