The New York State Common Retirement Fund, currently the third largest pension fund in the United States with over $280 billion in assets, allocated over 75% of it $4 billion investment outlay in June to alternatives, according to a report by DailyAlts.
The New York State Common Retirement Fund, currently the third largest pension fund in the United States with over $280 billion in assets, allocated over 75% of it $4 billion investment outlay in June to alternatives, according to a report by DailyAlts.
The report cites the fund’s monthly transaction report as revealing that the majority of that more than $3 billion allocation went to private equity ($1 billion) and real estate ($2.2 billion).
The fund’s key real estate investments in June included four $500 million allocations to: the JP Morgan Strategic Property Fund, an open-ended commingled fund that invests mainly in core real estate assets in the US; the Blackstone Real Estate Partners X fund, the latest in the private equity firm’s series of global flagship real estate funds; the Principal US Property Separate Account fund, an open-ended diversified fund that focuses on core stabilised assets within the main real estate sectors in the US; and the PRISA fund, a perpetual life, open-ended, commingled fund that invests in core real estate assets in the US from Prudential’s PGIM real estate.
The fund also allocated $200 million to Fairfield US Multifamily Core Plus Fund II, a closed-end, core-plus-style real estate fund that aims to invest in multifamily assets located in suburban US markets.
The fund’s three biggest PE allocations were: $400 million to the Hamilton Lane NY Israel Fund II, which targets Israel-focused funds and co-investments in Israel’s technology and health care/life sciences sectors; €300 million to Knickerbocker Co-Investment Partners fund, a select, high-conviction opportunities from from CVC Capital Partners; and €225 million to Bridgepoint Capital’s Bridgepoint Europe VII fund, a business services, media and sports rights, consumer, financial services, health care and advanced industrials sectors, mainly in Western Europe.
In addition €50 million was allocated to both· Marble Arch Albany Co-Investment fund from Bridgepoint Capital, and Hamilton Lane’s New York Credit SBIC Fund II.
