NY State Common adds more than $860m to alts

The $216 billion New York State Common Retirement Fund allocated across a spectrum of alternative investments to the tune of $862 million. The main winner was real assets, which added $300 million in new allocations recently. Grain Communications’ new fund Grain Spectrum Holdings III LP won a $200 million commitment from the pension system. The new fund is being set up to participate in the C-Band spectrum auction that will take place soon. The firm also won $100 million commitment from the Florida State Board of Administration in the third quarter as well. Stonepeak Partners’ Stonepeak Global Renewables Fund Co-Invest won a $100 million commitment. The new closed-end fund is focused on renewable energy generation, primarily investing in wind and solar power generation. It will invest alongside Stonepeak Global Renewables Fund LP. Within credit, New York State Common closed on a $250 million commitment to Pearl Diver Capital. A new manager for the system, its Pearl Diver Empire Fund LP that will invest in PDC Opportunities VIII, PDC Opportunities IX and PDC Opportunities X. Through all three funds the firm will put capital to work in debt and equity tranches of collateralized loan obligations managed by third-party investment firms and may also invest in CLO warehouses. The pension fund’s private equity portfolio saw commitments to two managers totaling $273 million. Officials allocated £150 million ($194 million) to Bridgepoint Capital Partners’ Bridgepoint Development Capital IV fund that will target lower middle market investments primarily in the U.K., the Nordics and France. The focus is on healthcare, business services, consumer, manufacturing and industrials, technology and media, and financial services sectors. The funding of capital calls will come from cash. In addition, officials allocated £37.5 million ($49 million) to Bridgepoint’s Wigmore Street BDC IV Co-Investment No. 2. The third private equity investment was with Primary Venture Partners with a $30 million commitment being made to its Primary Venture Partners III, which invests in seed-stage technology companies specifically in the New York City area. The funding of the capital calls will also come from cash. The New York State Comptroller’s office also reported $39 million in emerging manager investments for the month of September. Long Ridge Equity Partners III won $24 million through the NYSCRF Pioneer Partnership Fund All, LP, advised by HarbourVest Partners, an emerging manager program partner. A new manager for New York, Long Ridge Equity Partners strategy consists of identifying fast-growing, capital efficient companies in the financial and business services sector, and partnering with founders/management teams to professionalize and position the business for sustainable future growth. Another $15 million commitment was made to the Otter Storage Fund II through the Empire GCM RE Anchor Fund, which is advised by GCM Grosvenor, an emerging Manager program partner within New York State Common’s real estate asset class. The Otter Storage Fund II, L.P. (“the Fund”) is a real estate equity joint venture with The Macritchie Group. The venture will pursue a diversified storage strategy with a focus on acquiring and automating self-storage facilities throughout the United States. The Macritchie Group is an existing relationship for the retirement fund.

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