NY State Common rapidly scales up diverse alts exposure with $1.7bn

The $210 billion New York State Common Retirement Fund continued its aggressive funding of alternative investment allocations totaling $1.7 billion in a single month, according to November transaction disclosures recently filed by investment staff. Four distinct private equity allocations were made last November. In some instances, the pension fund joined other U.S. public pensions in funding the strategies. Most notable was the $400 million committed to Leonard Green & Partners’ Green Equity Investors VIII, which closed with $12 billion in capital in early December. The fund focuses on retail, business services and healthcare in North America. Other institutional investors in the fund include: the California Public Employees’ Retirement System; Minnesota Board of Investments; and the Teachers’ Retirement System of Texas. Back in Albany, the New York state pension allocated $65 million to MBK Partners Fund V through the NYAI Co-Investment Fund III. There was also an allocation to the Ohio Police & Fire Pension Fund totaling $20 million. The private equity fund specializes in telecommunications/media, financial services and consumer retail opportunities in North Asia including Japan, Korea and China. A third allocation totaling $20 million was made to Fortissimo Capital V through the Hamilton Lane/NYSCRF Israel Fund. The fourth private equity mandate was through the NYAI Co Investment Fund III in the Polaris “Jewel” Capital Fund V. Within the opportunistic alternative investment portfolio a $400 million allocation was established for SSG Capital Partners in what is a new relationship for the pension system. The commitment was for the SSG Capital Partners V fund and a side-car allocation totaling $200 million each. The fund invests principally in special situations and distressed investments in Asia-Pacific region with a focus on China, India and Southeast Asia. The Real assets program is home to last November's most sizable allocation with $750 million going to Global Infrastructure Partners IV and its sidecar fund. A $500 million commitment was made to main fund that invests in large-scale infrastructure assets within the energy, renewables, transport and water/waste sectors. GIP IV will invest on a global basis and the primary focus will be on Organization for Economic Co-operation and Development (OECD) markets in North America, Europe and Australasia. The GIP IV Co-Investment Renewables Sidecar received a $250 million commitment to invest in co-investment opportunities offered through the main fund. Appropriately, the smallest allocation was made in the system’s emerging manager program with a $20 million commitment in the NexPhase Capital Fund IV via the M2 NY Pioneer Fund II. The NexPhase fund is a closed end, commingled investment vehicle that will invest in lower middle market companies within the healthcare, software and services, and consumer sectors.

NY State Common rapidly scales up diverse alts exposure with $1.7bn

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