New York State Teachers’ Retirement System, Albany, has approved alternative commitments of up to $350 million, the pension system’s board announced April 25.
At its quarterly meeting, the board authorized a commitment of up to $200 million for Comvest Credit Partners Domestic Co-Invest Fund, managed by Comvest Partners. Comvest is an existing relationship.
Up to $150 million will be allocated for co-investments in Comvest Credit Partners VII and up to $50 million for co-investments in Comvest Credit Opportunities I.
The board also authorized a commitment of up to $150 million to DigitalBridge Partners III, managed by DigitalBridge Group, a new relationship. The board approved a commitment of up to $100 million for the DigitalBridge fund and up to $50 million for a sidecar co-investment fund.
“The fund will target value-add infrastructure opportunities in the digital infrastructure sector, including data centers, fiber and towers,” the board wrote.
The board also approved contract renewals with four asset managers, each for one year. Renewals (and current assets) are:
- LSV Asset Management for investments totaling $2.80 billion. One, as an international equity manager benchmarked to the MSCI ACWI ex-US index ($1.17 billion) and the other, as a global equity manager benchmarked to the MSCI ACWI index ($1.63 billion). Both renewals take effect July 25.
- Wellington Management ($441 million) in a global aggregate fixed-income mandate benchmarked to the Bloomberg Global Aggregate Float Adjusted ex CNY Bond Index in U.S. dollars hedged to the U.S. dollar, effective June 20.
- Adelante Capital Management ($315.94 million) to be actively invested in the securities of real estate investment trusts and real estate operating companies, effective July 1.
- Goldman Sachs Asset Management ($256.63 million) as an active India equity manager benchmarked to the MSCI India IMI Index, commencing July 5.
Separately, the board reported net return of -1%, for the three months ended Dec. 31, 2024, the second quarter of the pension system’s fiscal year. The net return for the year-ago period was 7.1%.
Unaudited assets were $146.2 billion as of March 31, 2025, compared to $144.7 billion for the year-ago period.
According to the latest valuation, the funding ratio based on market value of assets was 101.5% and 99.1% based on actuarial value of assets.
