New York Common Discloses September Commitments; Terminates Emerging Markets Manager

The New York State Common Retirement Fund has disclosed commitments totaling up to $1.2 billion.

$20 million was allocated to private equity fund, Fortissimo Capital Fund VI. The private equity investment was made through the Hamilton Lane NY Israel Fund II.

$300 million was committed to real estate fund, Bridge Workforce and Affordable Housing Fund II, managed by Bridge Investment Group.  Also within real estate, an additional $300 million was committed to the LaSalle Property Fund.

$250 million was committed to an opportunistic credit fund, Clearlake Opportunities Partners III. Finally, $300 million was committed to B Capital Coinvest Fund. According to the report, the Retirement Fund categorizes this coinvestment as an opportunistic absolute return strategy. The fund “is structured as a no-fee, no-carry sidecar vehicle with full discretion to the GP”.

The Retirement Fund also disclosed the termination of emerging markets equity manager, Genesis Investment Management. The account value at time of termination was approximately $799 million and will be allocated to cash.

The value of the New York State Common Retirement Fund was approximately $272 billion as of March 31, 2022.

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