The $248.5 billion New York State Common Retirement Fund committed more than $1.4 billion in investments in June, nearly half of which were made through the pension fund’s private equity portfolio, according to its latest monthly investment report.
The pension fund earmarked approximately $685 million to three funds within its private equity portfolio, including $450 million to the TA XV fund from TA Associates, which seeks investments in the consumer, financial services, technology, business services and healthcare sectors.
Another $125 million is going to the EagleTree Partners VI fund, managed by EagleTree Capital. The fund will target investments in the consumer, specialty industrials, and media and business services sectors, primarily in North America.
The pension fund also is setting aside 100 million euros ($110 million) to the Providence Strategic Growth Europe II fund from PSG Equity. The fund will focus on software and technology-enabled companies in Western Europe.
Within its credit portfolio, the pension fund committed $475 million to two funds, including $375 million to the MSD Empire Fund from MSD Partners. The fund is a separately managed account targeting opportunistic investments, mainly in privately negotiated loan packages to non-sponsored companies. MSD Partners is a new relationship for the pension fund.
The remaining $100 million will be invested in the CVI Excelsior Opportunities Fund from AB CarVal Investors LP. The fund is a separately managed account that will invest alongside, in certain situations, the CVI Clean Energy Fund B II and will capitalize on credit opportunities in clean energy, renewable energy and energy storage.
The pension fund also committed approximately $237.4 million within its real estate portfolio, including $150 million to the Bell Value-Add Fund VIII fund from Bell Partners Inc. The fund is a closed-end commingled fund that seeks to acquire high-quality, mid-to-large-sized apartment communities in select major U.S. markets. Bell Partners will be a new relationship for the pension fund.
Approximately $87.4 million will be invested in the ComRef Homestead Square shopping center in Cupertino, California, through a MetLife Investment Management Separate Account. The property is currently 99.2% leased.
The pension fund also committed almost $19.2 million to the Long Ridge Equity Partners IV fund through the NYSCRF Pioneer Partnership Fund A, advised by HarbourVest Partners LLC, an emerging manager program partner within the private equity asset class. The pension fund’s emerging manager program aims to invest in newer, smaller and diverse investment management firms.
In addition to the more than $1.4 billion in investment commitments, the pension fund terminated its investment in the Rock Creek Adirondack Emerging Markets Fund, an emerging markets fund-of-funds manager within the pension fund’s public equity portfolio. The value of the account was approximately $566 million, which was allocated to cash.
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Tags: Bell Partners, CarVal Investors, EagleTree, HarbourVest Partners, New York State Common Retirement Fund, NYSCRF, Private Equity, Providence Strategic Growth, Public Equity, Real Estate, Rock Creek