NYS Common commits $650 mln to Blackstone and Freeman Spogli

  • Assets Under Management: $207 bln
  • PE Allocation: 8.3 pct/target 10 pct
  • Whom to contact: Matthew Sweeney, msweeney@osc.state.ny.us
  • Why it’s important: After a slow start in 2019, NYS Common Retirement is making large commitments to PE funds

New York State Common Retirement Fund at its March meeting committed $650 million to private equity funds focused in North American, European and Asian markets.

The board pledged $150 million to FS Equity Partners VIII, a middle-market consumer and distribution fund from Freeman Spogli & Co.

CRF committed $500 million to Blackstone Group’s global private equity fund Blackstone Capital VIII, on a $22 billion target, according to Bloomberg. The fund invests in North America, Europe and Asia.

March’s commitments more than doubled the system’s PE investments from the previous month. In February, CRF committed $300 million to private equity and in January it didn’t commit any funds to PE, Buyouts reported.

The system had a busy 2018, having committed $6.3 billion to private equity, per Buyouts.

Private equity makes up 8.3 percent of the entire fund, on a 10 percent target, as of March 31, 2018.