The New York State Common Retirement Fund, Albany, has made 15 commitments totaling $4.6 billion to alternative investments, 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. All commitments were made in September.
The pension fund made five opportunistic absolute return strategy commitments for a total of $1.8 billion. The commitments are:
- TPG GP Solutions (A), managed by TPG, for $500 million. This fund “invests exclusively” in general partner-led transactions, the website said. TPG is an existing relationship.
- Empire Opportunistic Secondary Fund, for $360 million, managed by Blue Owl Capital on behalf of the New York pension fund. This is a separately managed account “with a broad mandate” to manage “secondary opportunities” identified by the New York pension fund, the website said. Blue Owl is an existing relationship.
- Blue Owl Strategic Equity Partners for $300 million, managed by Blue Owl Capital. This is a closed-end commingled fund “focusing on single-asset general partner-led secondaries” managed by Blue Owl Strategic Equity Partners Advisors.
- General Catalyst Group XII, managed by General Catalyst Group Management, for $300 million. The General Catalyst Group XII funds are commingled vehicles. General Catalyst is a new relationship.
- General Catalyst Excelsior Fund, managed by General Catalyst Group Management, for $300 million. The General Catalyst Excelsior Fund is a fund-of-one co-investment vehicle to the General Catalyst Group XII funds. They invest “primarily in early and growth-stage companies across the technology, healthcare and fintech sectors with a geographic focus in North America,” the website said.
The pension fund made four credit commitments for a total of $1.2 billion. The commitments are:
- Neuberger Berman Loan Adviser Holdings IV (Delaware), managed by Neuberger Berman Investment Advisers, for $300 million. This fund will primarily invest in the equity of collateralized loan obligations originated by Neuberger Berman’s Non-Investment Grade Credit team. Neuberger Berman is an existing relationship.
- FP Credit Partners III Aggregator, managed by Francisco Partners Management, for $300 million. FP Credit Partners III invests in senior secured direct lending to primarily middle market companies that the firm knows well from their longstanding private equity relationships, the website said. Francisco Partners is an existing relationship.
- OCU Empire Fund, managed by ORIX Advisers, for $300 million. This is a fund-of-one managed on behalf of the New York pension fund by ORIX USA, a new relationship. OCU Empire Fund “provides flexible debt capital to well-equitized, high-growth, late-stage tech companies (that are) underserved by traditional lenders,” the website said.
- Blackstone Capital Opportunities Fund V, managed by Blackstone Group, for $250 million. This fund will “primarily extend loan packages to performing companies in the upper/middle-market,” the website said. Blackstone is an existing relationship.
The New York Pension Fund made three private equity commitments for a total of $816 million. The commitments are:
- Blackstone Capital Partners IX Supplemental Account for $500 million, managed by Blackstone Group. This will invest additional money alongside Blackstone Capital Partners IX, focusing on investments in the U.S., Western Europe and Asia. Blackstone is an existing relationship.
- Blackstone Capital Partners IX for $300 million, managed by Blackstone Group. It “will seek investments in digital media and technology services, travel and leisure, software, essential healthcare products, life sciences services, essential component and systems manufacturing, essential business services and energy transition,” the website said. Investments focus on the U.S., Western Europe, and Asia.
- Trident American Dreams Fund I, for $16.2 million, through NYSCRF Pioneer Partnership Fund A-III, which is advised by HarbourVest Partners, an Emerging Manager Program partner within the private equity asset class for the New York pension fund. Trident will invest in “lower middle market companies in the U.S. across the industrials, consumer and healthcare sectors,” the website said. The fund is managed by Trident Management, which is a new relationship.
The New York pension fund also made three real estate commitments for a total of $800 million. The commitments are:
- WCP NewCold III, for $400 million, managed by Westport Capital Partners, a new relationship. This is a global cold-storage fund.
- Fairfield U.S. Multifamily Value-Add Fund IV, for $250 million, managed by Fairfield Residential Holdings. This is a “closed value-add” real estate investment fund. Fairfield is an existing relationship.
- Fairfield U.S. Multifamily Value-Add Fund IV Co-Investment for $150 million. This is a side car that co-invests alongside Fairfield U.S. Multifamily Value-Add Fund IV.
