New York State Common Retirement Fund, Albany, has made three alternative investment commitments for a total of $850 million, according to a notice on the website of Thomas P. DiNapoli, the state comptroller and sole trustee of the $274.6 billion fund. The commitments were made in October.
The pension fund made two private equity commitments: $300 million to Clearlake Capital Partners VIII and $250 million to Summit Partners Growth Equity Fund XII.
The former, managed by Clearlake Capital Group, will invest in the technology, industrials and consumer sectors, primarily in North America, according to the pension fund's website. Clearlake is an existing relationship.
The latter, managed by Summit Partners, will invest in technology, healthcare and life sciences, “and growth products and services spaces,” the website said. Investments will primarily be in the United States. Summit is a new relationship.
The pension fund also made a $300 million credit commitment to WPCSS FF Excelsior, managed by Warburg Pincus. This is a fund-of-one co-investment with the Warburg Pincus Capital Solutions Founders Fund managed on behalf of the New York pension fund.
The Warburg Pincus fund “targets highly structured transactions that combine strong downside protection with equity-like upside,” the website said. Warburg Pincus is an existing relationship.
Alternatives accounted for 35.8% of total plan assets covering private equity, real estate, real assets, credit, absolute return strategies and opportunistic alternatives as of Sept. 30.
