New York State Common Retirement Fund, Albany, allocated a total of $2.6 billion in July — $1.6 billion total in eight alternatives commitments and $1 billion for an equity investment, according to a notice posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $267.7 billion pension fund.
The pension fund made a follow-on $1 billion investment in the BlackRock MSCI Climate Change Index fund. The pension fund initially invested $1 billion in early 2023.
The pension fund made three private equity commitments:
- $400 million to Kohlberg Empire State Co-Investment Fund, consisting of a $250 million tranche and a $150 million tranche. The fund is managed by Kohlberg & Co. and will invest additional capital alongside Kohlberg NY Investors X-B, the website said. Investments will be primarily in the U.S. Kohlberg is a new relationship for the pension fund.
- $300 million to Kohlberg NY Investors X-B, also managed by Kohlberg & Co. that will seek investments in the pharmaceutical/medical products and services, infrastructure services, business services, financial and information services, healthcare services, and food and consumer sectors primarily be in the U.S.
- $16 million to Valspring Capital Fund I, through M2 NY Pioneer Fund III/ Muller and Monroe, an emerging manager program partner. The Valspring fund “will make growth equity investments in U.S. based tech-enabled healthcare and healthcare services companies,” the website said. Valspring is a new relationship for the pension fund.
The pension fund also made three real estate commitments:
- $300 million to BentallGreenOak Asia IV, a closed-end, pan-Asian fund. BentallGreenOak is an existing relationship.
- $200 million to Oaktree Real Estate Opportunities Fund IX, a broad-based opportunistic real estate fund managed by Oaktree Capital Management. Oaktree is an existing relationship.
- $150 million to KKR Real Estate Partners Americas IV Co-Investment, a side car fund alongside KKR Real Estate Partners Americas IV managed by KKR & Co. KKR is an existing relationship.
The pension fund also made a $250 million commitment to Hull Street Energy Partners III, a core infrastructure fund that will invest primarily in power generation assets within energy transition. Hull Street Energy is an existing relationship.
Separately, the pension fund terminated multiasset funds for a total of about $3.4 billion: Morgan Stanley Investment Management, about $1.1 billion; Schroder Investment Management, about $1.2 billion; and Wellington Management, about $1.1 billion.
The terminated funds were allocated to cash. Matthew Sweeney, a spokesman for DiNapoli, wrote in an email, that the pension fund doesn’t comment on terminations.
