The New York State Teachers' Retirement System, Albany, made a series of commitments and/or commitment closings to alternatives plus other financial transactions during the first three months of 2023, according to documents provided by the $133.7 billion pension system.
The announcements were made in a report presented April 27 at the quarterly meeting of the pension system's governing board. These transactions didn't require board approval.
The pension system announced a $200 million private equity commitment to GTCR Fund XIV, which focuses on buyouts in the technology, media, telecommunications, financial services, health care and business services fields. GTCR is an existing relationship.
The pension system announced a $100 million private equity commitment to Amulet Capital Fund III, which invests in middle market healthcare companies. Amulet Capital Partners is an existing relationship.
The pension system closed on a $150 million commitment to the Artemis Real Estate Debt Separate Account, managed by Artemis Real Estate Partners, which targets mezzanine loans and first-mortgage loans in the United States. The money "was used to replenish our existing separate account with Artemis that focuses on bridge and senior mezzanine loans," Heidi Brennan, a pension system spokeswoman wrote in an email. The initial fund for the account was $300 million in February 2021.
The pension system also closed on a $50 million commitment to Cabot Industrial Value Fund VII, an industrial focused commingled fund managed by Cabot Properties, according to the pension fund report. Cabot is an existing relationship.
The pension system also reallocated $750 million each from international equity portfolios managed by BlackRock and State Street Global Advisors.
"NYSTRS routinely monitors its strategic asset allocation," Ms. Brennan wrote. "The decision to raise capital from international equities was routine rebalancing as part of our portfolio management strategy. NYSTRS' target allocation to international equities is 15% with a range of 11-19%."
As of March 31 unaudited data, the BlackRock account had approximately $6.2 billion and the SSGA account had approximately $6.4 billion, she wrote.
