NY State Common Commits $1.2B

The New York State Common Retirement System has approved $1.2 billion in commitments across small cap value, private equity and real estate, according to the June 2024 Monthly Transaction Report.

A $300 million allocation was approved for DRZ SMID Cap Value. Managed by DePrince, Race & Zollo, Inc., the fund strategy seeks to invest in domestic SMID Cap value opportunities. 

Six commitments were made to private equity funds including a $125 million allocation to One Rock Capital Partners IV. The strategy focuses on middle-market companies in the chemicals & process industries, specialty manufacturing & healthcare products, food & beverage manufacturing & distribution, and business & environmental services sectors. The cash investment closed on June 6, 2024, continuing an existing relationship.

A $50 million allocation was made to One Rock Emerald Fund. The strategy focuses on lower middle-market companies in the chemicals & process industries, specialty manufacturing & healthcare products, food & beverage manufacturing & distribution, and business & environmental services sectors. The cash investment closed on June 6, 2024, continuing an existing relationship.

$75 million was allocated to ORCP IV Delaware Co-Investor 2. ORCP IV will invest additional capital alongside One Rock IV, an existing relationship with the TRS. The cash investment closed on June 6, 2024.

$200 million was allocated to JFL Equity Investors VI. The fund strategy has a focus in the maritime, environmental & infrastructure services, aerospace, and government & defense sectors within North America and Western Europe. The cash investment closed on June 10, 2024, forming a new relationship. 

$100 million was allocated to JFL VI NYSCRF Co-Invest Partners. The investment will go alongside JFL Equity Investors VI across North America and Western Europe. 

A total of $120 million was allocated to Altaris VI-5084 Co-Invest. The cash investment closed on June 17th and is split between two allocations of $60 million each. Altaris is an existing relationship for the TRS.

In real estate, $300 million was allocated to Star Lake Opportunity Fund V. Managed by J.P. Morgan Asset Management, the fund strategy focuses on residential and industrial assets investing in property sectors across primary and secondary markets. The allocation extends an existing relationship. 

Lastly, as part of the emerging manager program, $10.4 million was allocated to opportunistic real estate fund, OPC Fund I, creating a new relationship. The fund strategy focuses on residential and industrial equity investments and distressed investments. 

The Retirement System has a market value of $267.7 billion.

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