New York Common Commits More Than $600 Million in March Investments

The New York Common Retirement Fund committed more than $600 million in investments in March, most of which was within its absolute return and private equity portfolios. The fund also reached deals with four major U.S. companies to reduce their greenhouse gas emissions. [Source] and [Source]

The pension fund committed $350 million within its opportunistic absolute return strategies portfolio to Apollo Excelsior PE Co-Invest LP, managed by Apollo Global Management. Apollo will look to invest additional capital in co-investment opportunities with its Apollo Investment Fund X.

New York Common also committed nearly $160 million within its private equity portfolio. Of that amount, it earmarked $50 million to the Insight XI Follow-On Fund, managed by Insight Partners. The fund will complete follow-on investments in Insight Partners XI, LP portfolio companies. It also committed $48.3 million to KSL Capital Partners CV II 3, managed by KSL Capital Partners. KSL will complete follow-on investments in a single portfolio company transferred out of KSL Capital Partners IV LP.

Another $30 million each will go to Primary Venture Partners IV and Primary Select Fund III, managed by Primary Venture Partners. The Primary Venture Partners IV fund will target tech-enabled and software-based companies based in New York City. The Primary Select Fund III will seek later-stage investments in “high conviction opportunities” from the flagship funds Primary Venture Partners Funds I through IV.

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The pension fund also committed $60 million within its emerging manager program through the Empire GCM RE Anchor Fund LP. The program aims to invest in newer, smaller and diverse investment management firms.

Up to $20 million has been set aside for the GreenPoint TVP Partnership fund managed by GreenPoint Real Estate Partners, which is a new relationship for the pension fund. The GreenPoint TVP Partnership fund seeks to acquire a nationwide network of truck storage lots. As much as $10 million was also earmarked for the GreenPoint REPE Fund I, which seeks to invest in operating companies expected to benefit from technology-driven change.

The pension fund committed up to $15 million to Redcar Properties’ Redcar Fund II LP & Sidecar Fund Redcar Austin Opportunities Fund, which will focus on acquiring underperforming properties and redeveloping them into creative office assets. Redcar Properties is also a new relationship for the pension fund. Up to $15 million will also be invested in the Grandview Fund II fund, which will pursue industrial and residential investments in the U.S. with a focus on the middle market.

Within its real estate portfolio, the NYCRF committed a little more than $50.8 million to the forward purchase of a 120-unit residential development of townhouses in a submarket of Sarasota, Florida.

New York State Comptroller Thomas DiNapoli also announced that the pension fund reached deals with HVAC company Carrier Global Corp., pizza chain Papa John’s International Inc., aluminum producer Century Aluminum Co. and real estate investment trust Spirit Realty Capital Inc. to evaluate and set targets to reduce greenhouse gas emissions

“More companies understand that reducing their carbon emissions and addressing the risks posed by climate change can help them achieve long-term success and benefit investors,” DiNapoli said in a release. “With these agreements, the companies are contributing to building a lower-carbon economy and are recognizing their responsibility to be responsive to shareholders’ concerns about the risks posed by climate change.”

Additionally, DiNapoli said The Kraft Heinz Co. agreed to establish deforestation-free sourcing policies in response to a shareholder proposal the pension fund co-filed with Green Century Capital Management.