New York pension invests nearly $3bn across three alts programs

The $210 billion New York State Common Retirement Fund moved forward last month with plans to expand its alternative investment portfolio, specifically in private equity, real estate and real asset portfolios totaling $2.8 billion. The majority of the capital went to the pension fund’s $21 billion private equity program. A total of $2 billion was assigned to Neuberger Berman for the NYSCRF NB Co-Investment Fund II. The fund invests opportunistically in co-investments alongside the pension fund’s existing private equity managers. The allocation will be completed in three tranches – two tranches of $750 million and one tranche of $500 million. Another $200 million was committed to Vista Equity Partners’ Vista Foundation IV, which focuses on enterprise software companies that provide mission-critical solutions to various end markets. Vista Equity Partners is an existing manager at the New York retirement system. The New Jersey Division of Investment allocated $100 million to the same Vista Equity Partners fund. Through the Hamilton Lane/NYSCRF Israel Fund, the Albany-based pension system allocated $15 million to S Capital II on February 19. Real estate is the second largest alternative investment program at the New York State Common Retirement Fund, accounting for 9% of overall assets or $19 billion. New York State Common committed $200 million to the Westbrook Real Estate Fund XI, which is the latest in a series of value-added global commingled real estate funds managed by Westerbrook Partners, an existing manager in the pension’s real estate program. A $100 million commitment was also made to a separate co-investment vehicle. Real assets saw a total of $250 million in fresh inflows in February building upon the target allocation of 3% or $6 billion. At mid-month, a $100 million commitment was made to the Brookfield Infrastructure Fund IV CO-INVEST. The renewable co-investment opportunities offered by Brookfield Infrastructure Fund IV include access to areas such as: solar, wind, hydro and battery storage. SASOF V LP, a fund managed by Carlyle Aviation Partners, saw a new $150 million commitment. SASOF V is a closed-end aviation assets fund focused on acquiring, managing and leasing in-production, mid-life aircraft and engines. The investment closed on February 28, 2020.

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