NY Common Commits $550M to Venture Capital, Real Estate

Disclosed in the February 2024 Monthly Transaction Report, the New York State Common Retirement Fund (CRF) has made two commitments to venture capital and real estate, totalling $550 million.

$150 million was allocated to B Capital Opportunities Fund II, L.P (OF II). OF II is a venture capital fund managed by B Capital Group Management, L.P. The investment closed on February 29, 2024. 

Funding will come from cash reserves. 

In real estate, $400 million was allocated to NYSCRF Frontier Mach III, LLC (Mach III). Mach III”) is the latest addition to the CRF’s Frontier Mach Program, an emerging manager program managed by Artemis Real Estate Partners. Artemis has an existing relationship with the CRF. The investment closed on February 15th, 2024.

As of December 31, 2023, the Pension Fund was valued at $259.9 billion with asset allocations of 14.75% to private equity, and 13.30% to real estate and real assets.

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