NYS Common commits $400 mln to emerging-manager platform

New York State Common Retirement Fund pledged $400 million to emerging managers, according to a monthly transaction report from August.

The system committed to its Transition Annex Fund, managed by HarbourVest Partners, which has an existing relationship with NYSCRF.

Representatives for HarbourVest were not available for comment.

“For HarbourVest, the sector strategy will be diversified according to the competencies of each underlying manager, but the focus at the HarbourVest level is committing capital to emerging private equity firms,” Matthew Sweeney, assistant communications director at the Office of New York State Comptroller Thomas P. DiNapoli, said in an email.

The program helps provide opportunities for the New York State Common Retirement Fund to invest with minority and women-owned businesses, according to the system’s asset management and financial institution strategy report.

NYSCRF’s private equity emerging managers program is valued at more than $1.3 billion as of Mar. 31, according to its website.