New York State Common Retirement Fund Invests Nearly $1B in Private Equity, Real Estate Strategies

The New York State Common Retirement Fund, with $242 billion in managed assets, invested $983 million in various private equity and real estate strategies within its main investment program and through its emerging manager portfolio, according to filings.

As of the end of last year, the fund had 43.49% of its assets invested in publicly traded equities. The remaining assets by allocation are invested in cash, bonds, and mortgages (22.07%), private equity (14.77%), real estate and real assets (13.43%) and credit, absolute return strategies and opportunistic alternatives (6.24%).

Officials allocated funds to a private equity strategy managed by healthcare-focused Patient Square Equity Partners within its opportunistic absolute return strategies portfolio. A $350 million commitment was made to Patient Square Capital and another $350 million to a co-investment vehicle PSC EP Discretionary Co-Invest III.

Within real estate, a $200 million commitment went to Artemis Real Estate Partners Fund IV, a diversified closed-ended value-add/opportunistic fund that focuses on making debt and equity investments in middle market real estate and real estate-related business in the US.

Another $68.1 million in capital was put to work in the Williamsburg real estate submarket in Brooklyn, NY through a MetLife Investment Management Separate Account.

Within the emerging manager program, a $15 million commitment was made to the Raith Real Estate Fund III through the Empire GCM RE Anchor Fund, which is managed by GCM Grosvenor.