New York State Teachers' Retirement Systems announced three alternatives commitments totaling $258 million, according to a report recently presented to the system's governing board of the $129.6 billion pension fund.
The commitments are:
- £88 million ($108 million) to PGV, a fund managed by Aermont Capital Management. Aermont is a new relationship for the pension fund. Aermont owns Pinewood Group, a film and television studio company. This fund is a "newly formed continuation fund that invests in studio infrastructure," said Heidi Brennan, a pension system spokeswoman, in an email.
- $100 million to Cressey & Co. Fund VII, a private equity fund that specializes in health-care buyouts. Cressey is an existing relationship.
- $50 million to EQT Exeter Industrial Value Fund VI, which will invest in "value-added industrial assets," Ms. Brennan wrote. EQT is an existing relationship.
These commitments didn't require a vote by the governing board, which held its quarterly meeting Jan. 26.
Also at the meeting, pension system executives reported they had withdrawn $600 million from a BlackRock commingled vehicle and $500 million from a State Street Global Advisors separate account, both dealing with international equity investments.
At year-end, the pension system held $6.5 billion in each account, Ms. Brennan wrote. The data are unaudited. She declined to comment on where the money was reallocated.
The pension system "routinely monitors its strategic asset allocation," she wrote. "The decision to raise capital from international equities was routine rebalancing as part of our portfolio management strategy." The target allocation to international equities is 15%, with a range of 11% to 19%.