The $242 billion New York Common Retirement Fund committed approximately $2 billion in new investments in January, half of which was earmarked within its public equity portfolio, according to the pension fund’s monthly transaction report.
The pension fund committed $1 billion to the BlackRock MSCI Climate Change Index strategy within its public equity portfolio, which will be externally managed in a commingled account by BlackRock. The NYCRF added that the investment was funded from cash and securities.
The pension fund also committed $700 million within its opportunistic absolute return strategies, in which the pension fund invests with general partners and investment managers who invest across asset classes on an opportunistic basis or in direct transactions. The $700 million was split evenly between the Patient Square Equity Partners fund and the PSC EP Discretionary Co-Invest III fund, both of which are managed by Patient Square Capital—a new relationship for the NYCRF.
The Patient Square Equity Partners fund makes select investments in growth-oriented companies with broad exposure to the healthcare sector. The PSC EP Discretionary Co-Invest III fund seeks co-investment opportunities that are consistent with its portfolio construction principles and that complement capital availability from co-investors.
Within the pension fund’s real estate portfolio, the NYCRF committed $200 million to the Artemis Real Estate Partners Fund IV managed by Artemis Real Estate Partners. The closed-ended fund aims to make debt and equity investments in middle-market real estate and real estate-related businesses in the U.S.
Also within its real estate portfolio, the pension fund invested a little more than $68.1 million in a portfolio of two multifamily buildings with 78 residential units in the Williamsburg neighborhood of Brooklyn, New York. The portfolio was acquired through the MetLife Investment Management Separate Account.
Within its emerging manager program, which invests in newer, smaller and diverse investment managers, the pension fund invested up to $15 million in the Raith Real Estate Fund III fund, which will focus on debt and equity investments.
Additionally, the NYCRF terminated its investment in the ValueAct Capital Partners II fund managed by ValueAct Capital. The account value was approximately $182 million, which was allocated to cash.
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Tags: Artemis Real Estate Partners, BlackRock, BlackRock MSCI Climate Change Index, New York Common Retirement Fund, NYCRF, opportunistic absolute return, Patient Square, Raith Capital Partners