- System picked up PE commitment pace
- Pledged $500 mln to Asia opportunities
- $350 mln committed to latest Hellman & Friedman fund
New York State Common Retirement Fund committed $1.12 billion to private equity in October, its latest investment disclosure report shows.
The $207 billion retirement system, managed by State Comptroller Thomas DiNapoli, committed additional capital to several existing relationships, including an Asia-focused co-investment vehicle.
The state’s commitments include:
$325 million to Hellman & Friedman IX, a U.S.-focused large-cap buyout fund that closed on $16 billion in October;
$300 million to KSL Capital Partners V, which focuses on the travel-and-leisure industry and has a hard cap of $3 billion;
$500 million to Asia Alternatives, split between a separate account and a co-investment vehicle within Asia Alternatives’ fund-of-funds. The state committed $300 million to the Asia Alternatives Co-Investment Pool and $200 million to the Asia Alternatives New York Balanced Pool Asia Investors III account.
New York stuck with existing managers for all its PE commitments for October, a departure from September, when it started new relationships with Crestview Partners and Reverence Capital Partners.
The system poured $1.96 billion into private equity investments in June, July and August, led by a $750 million commitment to Vista Equity Partners.
NYS Common Retirement Fund has a 10 percent target allocation to PE and had an 8.4 percent actual allocation as of March 31, 2018.
Action Item: View the pension fund’s latest investment disclosure report here https://bit.ly/2EGHngm