New York Allocates over $1.9 Billion of Capital

Particular focus given to Asia-specific strategies.

The New York State Common Retirement Fund committed over $1.9 billion of capital to fund managers in October, according to a recently released report from the country’s third-largest public pension plan.

The investor most significantly built out its private equity portfolio, adding four new regional funds to its lineup in the asset class. Hellman & Friedman IX received $325 million from the investor to carry out its strategy targeting large-cap companies primarily in the United States and Europe, and KSL Partners V took home $300 million to invest in the travel and leisure industry.

Subsequently, New York Common put a particular focus on Asian private equity, committing $500 million to strategies spanning the region. New York Balanced Pool Asia Investors III and New York Co-Investment Pool Asia III received $200 million and $300 million, respectively.

Ariel Investments, a global equities manager, received mixed attention.. The Ariel Investments Micro Cap account was terminated on October 3. The account value of approximately $54 million was allocated to cash. Following that, Ariel was hired and funded with $300 million for a separate investment strategy.

The fund then continued its regional focus on the Asia markets with a $225 million commitment to ARA Real Estate Partners Asia II, a closed-end, diversified pan-Asia commingled real estate fund managed by ARA Private Fund Platform.

EQT Partners then received a €250 million ($286 million) commitment for the EQT Empire Credit Solutions SCSp entity. The fund is expected to target investment strategies across the credit spectrum ranging from stressed and distressed debt, middle market finance to “high-quality business,” and senior secured and second lien financing.

There was no activity across the $207.4 billion institutional investor’s emerging manager, real assets, absolute return, and fixed income portfolios, the report added.

Alex Doñé recently took the helm as the new chief investment officer of the Bureau of Asset Management, providing direct investment advice and direction to the five New York City’s retirement systems.

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