New York State Common Retirement Fund, Albany, made 11 commitments to alternative investments totaling $1.5 billion during December, according to the website of State Comptroller Thomas P. DiNapoli, the sole trustee of the $274.6 billion pension fund.
It made two opportunistic absolute return strategies commitments for a total of $500 million to funds managed by B Capital Group Management, an existing relationship.
One commitment, for $300 million, was to B Capital Global Growth IV. This fund invests in "early stage to late-stage growth companies in technology and technology-enabled businesses," the website said.
The other commitment, for $200 million, was to B Capital Co-Invest Fund (N2), a sidecar investment vehicle.
The pension fund made two real estate commitments for a total of $500 million, both to IPI Partners, a new relationship.
One commitment for $400 million was to IPI Partners III, which will "focus on data center investments on a global basis," the website said. The other commitment for $100 million was to IPI Partners III Co-Investment, which also will focus on data center investments alongside IPI Partners III.
The pension fund made four credit commitments for a total of $300 million. The commitments were:
- Blackstone COF IV Co-Investment Fund, for $125 million, managed by Blackstone Group, an existing relationship. "Blackstone will primarily extend loan packages to performing companies in the upper/middle-market," the website said.
- Pearl Diver Nautilus Series 2024 for $100 million, through the Pearl Diver Empire Fund, managed by Pearl Diver Capital, an existing relationship. Pearl Diver "will invest primarily in debt and equity tranches of collateralized loan obligations managed by third-party investment firms," the website said.
- Two commitments for a total of $75 million to funds managed by o15 Capital Partners, a new relationship. One commitment of $50 million is to o15 Emerging America Credit Opportunities Fund, which "offers debt and flexible credit solutions to sponsored and nonsponsored lower middle- market companies," the website said. The other commitment of $25 million is to o15 Emerging America Credit Opportunities SMA I, a separately managed co-investment sidecar that invests alongside the o15 Emerging America Credit Opportunities Fund.
The pension fund also made three private equity commitments for a total of $230.2 million. The commitments were:
- Summit Partners Co-Invest (Liberty), for $200 million, managed by Summit Partners, an existing relationship. The fund will invest alongside Summit Partners Growth Equity Fund XII, primarily in the United States.
- Warburg Pincus Jovian FS, for $15.2 million, managed by Warburg Pincus, an existing relationship. Warburg Pincus "will complete follow-on investments in portfolio companies transferred out of Warburg Pincus Financial Sector," the website said.
- AUA Private Equity Partners Fund III, for $15 million managed by AUA Private Equity Partners, a new relationship, through NYSCRF Pioneer Partnership Fund A- III. This is part of the New York pension fund's emerging manager private equity program advised by Advised by HarbourVest Partners. AUA Private Equity Partners Fund III "will make control-oriented investments in family-owned businesses in the consumer sector with an emphasis on food manufacturing and distribution," the website said.
