Alternative Investments: The New York State Common Retirement Fund Allocates $3B To Alternatives In June

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The bulk of the investment went to real estate and private equity.

The monthly transaction report from the $280 billion New York State Common Retirement Fund showed an investment outlay of more than $4 billion in June. Significantly, and in a sign of the times, more than 75% of that was plowed into alternatives such as real estate ($2.2 billion) and private equity funds (over $1 billion). (CIO)

“There has been tremendous volatility in the markets in recent months, but thanks to the state pension fund’s diverse investments, it finished the year above our assumed rate of return,” New York State Comptroller Thomas P. DiNapoli said. “Still, the turmoil in the markets since Russia’s invasion of Ukraine has sent shockwaves through the financial world with repercussions that are ongoing. With inflation and supply chain issues continuing to impact the economy, we expect a challenging investment environment for the foreseeable future.”

New York State Common Retirement Fund: Key investments in Alternatives

Real Estate

· JP Morgan Strategic Property Fund (open-ended commingled fund that invests mainly in core real estate assets in the U.S.) – $500 million

· Blackstone Real Estate Partners X fund (the latest in the private equity firm’s series of global flagship real estate funds) – $500 million

· Principal U.S. Property Separate Account fund (an open-ended diversified fund that focuses on core stabilized assets within the main real estate sectors in the U.S.) – $500 million

· PRISA fund (a perpetual life, open-ended, commingled fund that invests in core real estate assets in the U.S.) from Prudential’s PGIM real estate – $500 million

· Fairfield U.S. Multifamily Core Plus Fund II (a closed-end, core-plus-style real estate fund that aims to invest in multifamily assets located in suburban U.S. markets) – $200 million

Private Equity

· Hamilton Lane NY Israel Fund II (targets Israel-focused funds and co-investments in Israel’s technology and health care/life sciences sectors) – $400 million

· Knickerbocker Co-Investment Partners fund from CVC Capital Partners ( select, high-conviction opportunities alongside CVC’s European, Americas and Asian funds) – €300 million ($308 million)

· Bridgepoint Capital’s Bridgepoint Europe VII fund (business services, media and sports rights, consumer, financial services, health care and advanced industrials sectors, mainly in Western Europe) – €225 million

· Marble Arch Albany Co-Investment fund from Bridgepoint Capital – €50 million

· Hamilton Lane’s New York Credit SBIC Fund II – $50 million

The New York State Common Retirement Fund is currently the third largest pension fund in the United States with over $175 billion in audited net assets held.

Related Story: Fidelity Diversifying Solutions To Meet Investors’ Need For Portfolio Diversification

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