The governing board of the New York State Teachers' Retirement System, Albany, reported four commitments for $426 million in total that were approved by Thomas Lee, executive director and CIO, without a full board vote.
The commitments took place during the three months ended June 30.The pension system's rules allow the CIO act without a vote under certain circumstances.
The commitments are:
- ECI 12 LP for £100 million ($126 million), a private equity buyouts fund managed by ECI Partners.
- FCP Realty Fund VI for $100 million, a commingled commercial real estate fund managed by Federal Capital Partners.
- Cortec Group Fund VIII for $100 million, a private equity buyouts fund managed by Cortec Group Management Services.
- MGG SF Evergreen Fund for $100 million, a direct lending fund managed by MGG Investment Group.
The board also approved contract renewals for 10 asset managers.
Each renewal is for one year, and each was approved at the board's quarterly meeting Wednesday.
The renewals are:
- T. Rowe Price for $1.4 billion as a domestic equity enhanced index manager, effective Oct. 30.
- William Blair Investment Management for $784 million as an active ACWI ex-U.S. international equity manager, effective Sept 22.
- Baillie Gifford Overseas for $778 million as an active ACWI ex-U.S. international equity manager, effective Sept. 15.
- Prima Capital Advisors for $774 million as a manager of U.S. commercial mortgage-backed securities and private real estate debt, effective Aug. 13.
- Leading Edge Investment Advisors for $523 million as a manager of managers for global equity, effective Nov. 22.
- Dimensional Fund Advisors for $338 million as a manager of global real estate investment trusts, effective Sept. 22.
- Heitman for $337 million as a manager of global real estate investment trusts, effective Aug. 7
- AEW Capital Management for $215 million as a manager of global real estate investment trusts, effective Sept. 12.
- Heitman for $128 million as a manager of U.S. real estate investment trusts and real estate operating companies, effective Aug. 7.
- Brookfield Investment Management for $72.3 million, as a manager of global real estate investment trusts, effective Aug. 15.
The teachers' pension system reported estimated net assets of $137 billion for the fiscal year ended June 30, up 4% from the $132 billion for the year-ago period.
The net return for the three months ended March 31 — the third quarter of the previous fiscal year — was 4.5%. Fourth-quarter and full fiscal-year data were not available. The market-value funding ratio was 97.4% and the actuarial-value funding ratio was 99.3%, according to the most recent valuation.
