NYSCRF Deploys Over $3B to Alternative Assets in May
The New York State Common Retirement Fund (NYSCRF) committed more than $3 billion in investments in May, including a $1 billion investment in an opportunistic return strategies fund, according to its monthly investment report.
The $1 billion investment went to the Khosla Ventures Excelsior fund, managed by Khosla Ventures, described as an evergreen fund. Menlo Park, CA-based Khosla Ventures, founded by and named after Sun Microsystems co-founder Vinod Khosla, is a new relationship for the pension fund.
NYSCRF also committed over $720 million within its real assets portfolio to two funds – $450 million for the EQT Infrastructure VI fund managed by EQT Fund Management and $271.4 million to Antin Infrastructure Partners’ Antin Infrastructure Partners V Fund.
The EQT Infrastructure VI fund invests in the digital; energy and environment; transport and logistics; and social infrastructure sectors. The Antin Infrastructure Partners V Fund is a closed-end fund targeting investments in the energy and environment; telecom; transport; and social sectors.
The pension fund also allotted $500 million within its credit portfolio to two funds managed by Golub Capital. It will invest $300 million in the Golub Sapphire Fund and $200 million to the Golub Emerald Fund; both funds are separately-managed accounts targeting opportunistic investments primarily in credit and credit-oriented instruments.
Within its real estate portfolio, the pension fund committed $300 million to Waterton Associates’ Waterton Residential Property Venture Fund, a closed-end commingled fund focused on acquiring and operating value-add apartments.
Another $240 million was committed within the pension fund’s private equity portfolio to four funds. The NYSCRF will invest $150 million in the TowerBrook Investors VI fund from TowerBrook Capital Partners.
A further $50 million will go to the TowerBrook Empire Opportunities fund, which will invest additional capital in co-investment opportunities alongside the TowerBrook Investors VI fund. About $25 million is going to Insight Partners’ Insight Vision Capital II fund, which will seek investments in early-stage tech funds. The remaining $15 million will go to the Armory Square Ventures III fund from Armory Square Ventures. The fund will target software and tech-enabled businesses, primarily in New York state.