NY Pension Adds $1.1B to RE, VC, Secondaries, Real Assets
The New York State Common Retirement Fund (NYSCRF) increased its alternative investment exposure in March with new capital commitments totaling more than $1.1 billion.
The $260 billion fund made the biggest commitment to its credit program, but in a strategy centered on private equity secondary markets. Intermediate Capital Group’s fund-of-one was allocated $500 million. The ICG Excelsior SCSp fund is a secondary strategy that focuses on buyouts in the U.S. and Europe.
In real estate, a $300 million allocation was made to Blackstone Real Estate Partners Europe VII. Liftbridge Commercial Fund 3, sponsored by Stillwater Asset Management, received a $15 million investment in the emerging manager program. The fund will offer commercial real estate loans. The allocation was made through the Empire GCM RE Anchor Fund managed by GCM Grosvenor.
In the fund’s real assets portfolio, a $200 million commitment was made to ITE Management‘s ITE Rail, an open-end fund focused on asset leasing in the rail transportation sector. ITE Management is an existing manager in the NYSCRF portfolio.
NYSCRF invested $100 million in B Capital Management Group’s B Capital Ascent Fund III for its opportunistic absolute return program. The fund invests in early/seed-stage venture capital primarily to B-2-B tech-enabled emerging companies in the U.S., Israel, and Asia.
NYSCRF had 41.84% of its assets invested in publicly listed equities as of December 31, 2023. The remaining fund assets by allocation are invested in cash, bonds, and mortgages (22.62%), private equity (14.75%), real estate and real assets (13.30%) and credit, absolute return strategies, and opportunistic alternatives (7.49%).
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