New York State Common Retirement Fund, Albany, has made seven commitments totaling $3.2 billion to alternative investment funds, according to a notice posted on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $274.6 billion pension fund.
All commitments were made in November, and each investment manager is an existing relationship for the pension fund, the notice said.
The pension fund made five private equity commitments:
- $2 billion to NYSCRF NB Co-Investment Fund III managed by Neuberger Berman. The commitment is in four tranches of $500 million apiece. “Neuberger will opportunistically co-invest alongside other private equity managers,” the website said. Investments will primarily be in North America and Europe.
- $300 million to Lindsay Goldberg VI. The buyout fund will seek investments in the industrial, services and healthcare sectors, and focus primarily on North America and Western Europe.
- €250 million ($256 million) total to two funds managed by Bridgepoint Group. One commitment of €200 million is for Bridgepoint Development Capital V, a buyout fund that focuses on investments in the technology, services and healthcare sectors, primarily in northern Europe. The other commitment of €50 million is for Marble Arch Albany V Co-Investment, a co-investment fund that will invest additional capital alongside Bridgepoint Development Capital V.
- $150 million to FP VII–NYSCRF Co-Investment managed by Francisco Partners. This fund “will invest additional capital alongside Francisco Partners VII,” primarily in North America, the website said.
The pension fund also made a $250 million real assets commitment to Oaktree Power Opportunities Fund VII managed by Oaktree Capital Management.
This fund “is a continuation of the strategy pursued in the manager's predecessor funds,” said the website, adding that the fund “seeks to primarily control investments in private companies that provide products and services to owners of critical infrastructure.”
The pension fund also made a $200 million commitment to FP Credit Partners III–NYSCRF Co-Investment. This is a fund-of-one co-investment sidecar vehicle managed by Francisco Partners on behalf of the pension fund, the website said.
