NY State Common Adds Nearly $1B to Real Assets Portfolio

The New York State Common Retirement Fund invested $1.5 billion across numerous alternative investment portfolios in October, with the greatest commitment to real assets, according to disclosures from the $242 billion fund.

The moves follow $1.9 billion in commitments in September, much of which went to credit strategies.

Stonepeak Partners and Castlelake received new investments totaling $250 million in real assets. Stonepeak Opportunities Fund invests in middle-market infrastructure and infrastructure-like assets focused on the middle market.

The Castlelake Aviation V Stable Yield fund is focused on sale-leaseback and lessor trading transactions of aircraft. The strategy also includes structuring and/or purchasing of aviation debt opportunities.

The next largest allocation was made to an opportunistic absolute return strategy, where $375 million was allocated to a fund-of-one managed by Fundamental Advisors. The Fundamental Empire Fund will focus on affordable and workforce housing, renewable energy, infrastructure, and municipal assets.

Over $102 million was invested in several direct real estate assets, the majority of which were in New York state, with a focus on residential properties. The greatest investment was made through a separate account at LaSalle Investment Management.