New York State Common Retirement Fund, Albany, made four commitments totaling $915 million in August, according to a notice posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $216.2 billion pension fund.
In addition, the pension fund terminated AJO, which managed $925 million in a large-cap domestic equity. Matthew Sweeney, a spokesman for Mr. DiNapoli, wrote in an email that the action represented a "strategic reallocation" and that the money was allocated to cash.
The pension fund made a $400 million commitment through its emerging manager program to NYSCRF Transition Annex Fund, managed by HarbourVest Partners. This is a closed-end, separately managed account that will "deploy capital to emerging private equity managers," the comptroller's website said. HarbourVest is an existing relationship.
The pension fund also made a pair of real estate commitments totaling $500 million: $300 million was committed to JPM Star Lake Fund III, a real estate fund managed by J.P. Morgan Asset Management, that will invest in core opportunities and non-core opportunities "such as renovation and development," Mr. Sweeney wrote. J.P. Morgan is an existing relationship with the pension fund. Mr. Sweeney didn't provide additional information. Also, a $200 million commitment was made to EPNY Ventures I, a joint venture with Ellis Partners "focused on acquiring and managing core office, industrial and retail properties in the San Francisco Bay Area," the comptroller's website said.
The pension fund also made a $15 million private equity commitment to Primary Select Fund I, managed by Primary Venture Partners. "Primary Select will invest in later stage, high-growth technology and technology-enabled companies in the northeastern United States, primarily in New York," the comptroller's website said. This is an existing relationship.