LPs

NYS Common committed $1.12 bln to PE in October

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NYS Common Retirement Fund, pension fund, private equity
On the Brooklyn Bridge. lightphoto/iStock/Getty Images
  • 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