The New York State Common Retirement Fund earmarked more than $1.1 billion for alternative investments during December 2022, most of which was within its private equity portfolio, according to the pension fund’s monthly transaction report.
The pension fund committed $350 million within its private equity portfolio to the Apollo Investment Fund X, managed by Apollo Global Management Inc. The fund seeks investments in a wide range of sectors, primarily in North America, including business services; chemicals; consumer and health-care services; consumer and retail; financial services; leisure; manufacturing; industrial and resources; and telecommunications, media and technology.
Another $300 million was committed within the private equity portfolio to the Hellman & Friedman Capital Partners XI fund, which will focus on the technology, consumer services and retail, health care, financial services, and content and business services sectors in North America and Europe.
Within its opportunistic absolute return strategies, New York Common is investing $300 million in the KSL Capital Partners VI fund. The fund will focus on investments in the travel and leisure industries. New York Common also set aside $150 million within its credit portfolio for the KSL Capital Partners Credit Opportunities Fund IV, which makes credit investments that focus on real estate, travel and leisure companies with high income and advance rates below current market values and replacement costs.
As part of its emerging manager program, which invests in newer, smaller and diverse investment management firms, the NYSCRF has allotted up to $15 million to NorthBridge Partners’ NB Partners Fund IV fund, which will acquire or develop small and midsize infill logistics assets. New York Common will also invest up to $15 million in the Arc Urban Investors fund, which is looking to acquire repriced retail and commercial properties to convert to mixed-use. It also seeks to acquire or develop value-priced apartments.
Also within its emerging manager program, the pension fund will invest up to $5.2 million in two funds from Sundance Bay that will focus on originating high-yielding senior debt and subordinate debt.
Within its real estate portfolio, the pension fund has invested $72.7 million in a portfolio of five medical office buildings in or near Dallas; Atlanta; New Haven, Connecticut; Reading Pennsylvania; and Lancaster, Pennsylvania, also committing slightly less than $1.4 million in a 72-unit affordable housing property in Glens Falls, New York.
Additionally, the NYSCRF said it has terminated its $483.6 million account with Rockefeller Asset Management within its public equity portfolio and allocated that amount to cash.
Tags: Alternative Assets, Alts, Apollo Global Management, Credit, emerging managers program, Hellman & Friedman, KSL Capital Partners, New York Common Retirement, opportunistic absolute return strategies, Private Equity, Real Estate