New York State Pension Commits Nearly $3B to Private Equity in November 2024

The New York State Common Retirement Fund earmarked $2 billion to a single Neuberger Berman fund.




The New York State Common Retirement Fund committed more than $3 billion in investments last November, more than $2.7 billion of which was allocated to its private equity portfolio, according to its monthly transaction report.

Over the past six months, the NYSCRF has allocated approximately $5.4 billion to private equity, which included making no commitments to the asset class in August 2024.

In November 2024, the pension giant earmarked $2 billion in four installments of $500 million each to Neuberger Berman’s NB Co-Investment Fund III, which will co-invest with other private equity managers, mainly targeting North America and Europe. Also within its private equity portfolio, the NYSCRF committed $300 million to the Lindsay Goldberg VI fund, which closed in the second quarter of 2024 at $4.4 billion. The fund seeks investments in the industrials, services and health care sectors, mainly in North America and Western Europe.

Within the private equity portfolio, 200 million euros ($205.8 million) were allocated to the Bridgepoint Group’s Bridgepoint Development Capital V fund, which will target investments in the technology, services and health care sectors targeting Northern Europe. It also set aside 50 million euros for Bridgepoint’s Marble Arch Albany V Co-Investment fund, which aims to invest additional capital alongside the Bridgepoint Development Capital V fund, primarily in Northern Europe. And $150 million was allotted within the portfolio to Francisco Partners’ FP VII – NYSCRF Co-Investment Fund, which seeks to invest additional capital alongside Francisco Partners VII with a focus on North America.

Never miss a story — sign up for CIO newsletters to stay up-to-date on the latest institutional investment industry news.

Within its real assets portfolio, the pension fund allocated $250 million to Oaktree Capital Management’s Oaktree Power Opportunities Fund VII, which aims to control investments in private companies that provide products and services to critical infrastructure owners. The pension fund also committed $200 million within its credit portfolio to FP Credit Partners III – NYSCRF Co-Investment Fund, a fund-of-one co-investment sidecar vehicle managed by Francisco Partners.

The pension fund also made two real estate deals during the month, including $43.6 million to acquire the Apex Commerce Center, a 233,818-square-foot industrial building in Raleigh, North Carolina, with another $375,000 going into the renovation of a four-unit walk-up residential building and garage in Newburgh, New York.


Related Stories:

New York State Pension Earmarks $850M for Private Equity, Credit Investments

New York Common Leads All US Public Pension Funds in Commitments to Diverse Firms

New York State Pension Commits $4.6B in Investments in September

 

Tags: , , , , , , ,

«