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New York\u2019s $273 billion state pension fund is bulking up on private equity investments, earmarking more than $1.4 billion toward the asset class in March alone, according to its monthly transaction report<\/a>. The spree comes after the New York State Common Retirement Fund committed about $500 million during the previous three months combined.\u00a0<\/p>\n The allocations to private equity investments accounted for nearly half of the $3.1 billion commitments doled out by the NYSCRF in March. The largest of those was a $500 million commitment to the KKR North America Fund XIV, managed by Kohlberg Kravis Roberts & Co. The fund\u2019s strategy is to invest in American companies in the consumer, industrials, health care and financial sectors, along with technology, media and telecommunications assets.\u00a0<\/p>\n Another $300 million will go to Veritas Capital\u2019s The Veritas Capital Fund IX. The fund will seek investments in aerospace, defense and national security companies, along with the health care, education and infrastructure sectors.\u00a0<\/p>\n The pension fund also allotted $150 million each to two sidecar funds from private equity firms Lindsay Goldberg and Clearlake Capital Partners. It committed another $150 million to Aurora Capital Partners\u2019 Aurora Equity Partners VII fund, which will focus on investments in business services, industrial services and tech-enabled services, primarily in the U.S.\u00a0<\/p>\n <\/p>\n For more stories like this, sign up for the CIO Alert newsletter. \uf061<\/p>\n <\/a><\/p>\n Approximately $72 million and $55 million, respectively, will go to two follow-on investments in the Green Equity Investors CF IV fund managed by Leonard Green & Partners.\u00a0<\/p>\n The next largest allocation went to New York Common\u2019s credit portfolio, which earmarked approximately $720 million to three fund-of-ones managed by Intermediate Capital Group. This was followed by nearly $500 million in commitments within its real estate portfolio, $375 million of which is going to the Brookfield Strategic Real Estate Partners fund. The fund aims to acquire \u201cscalable high-quality real estate assets and real estate companies on a global basis.\u201d\u00a0\u00a0<\/p>\n Some $120.5 million went to the acquisition of a 300-unit multi-family apartment community in Orlando, Florida, while another $2.6 million was invested in a renovation project of a mixed-use building with 24 residential units in Oneonta, New York.\u00a0\u00a0<\/p>\n During March, New York Common also terminated its account with external fixed-income manager DoubleLine. The fund had $216.4 million in the account when it was liquidated.\u00a0<\/p>\n The pension fund\u2019s monthly transaction report<\/a> for April was relatively subdued, with approximately $750 million in total investments committed during the month.\u00a0<\/p>\n The bulk of the monthly commitments were made within the fund\u2019s opportunistic absolute return strategies portfolio, led by a $300 million investment in the GrowthCurve Capital Partners II fund, managed by GrowthCurve Capital. The fund focuses on \u201ccontrol-oriented\u201d investment opportunities in financial, information services, health care and technology companies. Another $150 million was allotted for a co-investment vehicle that invests alongside the fund.\u00a0<\/p>\n Within its real assets portfolio, the pension fund committed $200 million to the Primary Wave Music IP Fund IV from Primary Wave IP Investment Management The fund is described as a \u201cvalue-added music royalty strategy focusing on iconic artists.\u201d The investment is New York Common\u2019s first with Primary Wave.\u00a0<\/p>\n The pension fund also earmarked approximately $94 million within its private equity portfolio to the FS Equity Partners CVI fund, managed by Freeman Spogli & Co.\u00a0<\/p>\n Within its emerging manager program, through which the fund invests in newer, smaller and diverse firms, New York Common committed $10 million to the Proteus Strategic Partnership fund, which will focus on investing in manufactured housing communities in the U.S., particularly in the Midwest and Sun Belt regions.\u00a0\u00a0<\/p>\n Related Stories:\u00a0<\/p>\n New York State Common Retirement Fund Assets Rise to $272.8B With 5.82% Return<\/a>\u00a0<\/p>\n New York Common Leads All US Public Pension Funds in Commitments to Diverse Firms<\/a>\u00a0<\/p>\n New York State Pension Commits Nearly $3B to Private Equity in November 2024<\/a>\u00a0<\/p>\n \u00a0<\/p>\n Tags: New York Common Retirement Fund<\/a>, Private Equity<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"New York\u2019s $273 billion state pension fund is bulking up on private equity investments, earmarking more than $1.4…\n","protected":false},"author":2,"featured_media":28861,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,147,530],"class_list":["post-28860","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/28860","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=28860"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/28860\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/28861"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=28860"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=28860"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=28860"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}