The New York State Common Retirement Fund has committed $100 million to Hudson Clean Energy Partners‘s inaugural fund as part of its Green Strategic Investment Program. This is a new relationship for the pension fund, which made the pledge on Oct. 30.
Hudson Clean Energy Partners recently closed its first fund, Hudson Clean Energy Partners LP, with pledges totaling $1.02 billion, a hair past its $1 billion target. The Teaneck, N.J.-based firm will capitalize on the clean energy industry and already owns five portfolio companies in the solar power and wind energy sectors.
In April 2008, New York State Comptroller Thomas DiNapoli, sole fiduciary of the pension fund, launched the Green Strategic Investment Program, to increase commitments to environmentally-focused investment strategies by $500 million over three years across the New York State Common Retirement Fund’s entire portfolio. At that time, the LP had $40 million invested in private equity funds focused on renewable energy and clean technologies. The pension also had more than $16 million already invested in New York-based clean tech companies through its Instate Co-Investment Program.
In September 2008, New York committed $50 million to VantagePoint CleanTech Partners II through a captive fund of funds, GKM Newport/NY Venture Capital Fund. That commitment is also part of the Green Strategic Investment Program. VantagePoint Venture Partners focuses on the cleantech, health care and information technology sectors.