New York State Common Retirement Fund, Albany, made two commitments totaling $400 million to sustainable investing funds, said Thomas P. DiNapoli, the state comptroller and sole trustee of the $247.7 billion pension fund, on Tuesday.
The pension fund committed €250 million ($300 million) to Copenhagen Infrastructure IV, managed by Copenhagen Infrastructure Partners, which will invest in renewable assets that include onshore and offshore wind and solar, as well as climate infrastructure assets that support renewable power, a comptroller's office news release said.
On Monday, Copenhagen Infrastructure Partners closed its Copenhagen Infrastructure IV, at €7 billion ($8.4 billion), above its €5.5 billion target, a spokesman confirmed to Pensions & Investments.
The pension fund also committed $100 million to Excelsior Renewable Energy Investment Fund I, managed by Excelsior Energy Capital, which targets investments in renewable power assets, such as solar and wind, in North America.
Mark Johnson, a spokesman for Mr. DiNapoli, said in an email that both transactions are first-time commitments and both are part of the pension fund's real assets class.
"While climate change poses investment risks, it also creates opportunities for the state pension fund to invest in the companies and funds that are best positioned for the low-carbon future," Mr. DiNapoli said in the news release. "The commitments we announced today aim to take advantage of the growth in climate investing and to strengthen our portfolio for the long term."