NY State CRF Reports July Commitments, Terminations

The New York State Common Retirement Fund (CRF) in July committed a total of $2.62B to alternatives and $1B to public equities, while redeeming $3.4B in multi-asset fund strategies, according to a recently published transaction report.

In public equities, the NY State CRF committed a combined $1B to the BlackRock MSCI Climate Change Index on July 29 and 31, which adds to a prior allocation of $1B in early 2023 for a total commitment of $2B. The investment was funded with cash. 

In private equity, the CRF made two commitments: a $300M allocation to Kohlberg NY Investors X-B and $400M to Kohlberg Empire State Co-Investment Fund. The funds focus on pharmaceutical/medical, infrastructure, business, financial/information, healthcare, and food and consumer service sectors across the US. The investments, which closed on July 2, represent a new relationship for the CRF.

The retirement fund made three commitments to real estate totalling $650M. $200M was allocated to opportunistic real estate fund Oaktree Real Estate Opportunities Fund IX, building on an existing relationship with the CRF. $300M was allocated to closed-end, value-add pan-Asian fund, BentallGreenOak Asia (USD) IV. The investment closed on July 5, continuing an existing relationship. Finally, an additional $150M was allocated to co-investment fund KKR Real Estate Partners Americas IV (REPA IV) Co-Investment. REPA IV co-invests alongside KKR Real Estate Partners Americas IV SCSp and is sponsored by KKR. The commitment closed on July 30, continuing an existing relationship between the two.

$250M was allocated to Hull Street Energy Partners III, a global private infrastructure fund managed by Hull Street Energy. The fund strategy will primarily invest in power generation assets key to energy transition. The investment closed on July 31, building on an existing relationship. 

Lastly, the CRF made a $15.7M commitment to venture capital fund Valspring Capital Fund I as part of its emerging manager program. Valspring will invest in growth equity investments in US-based, tech-enabled healthcare and healthcare services companies. The investment closed on July 3, creating a new relationship with the CRF.

On July 8 the retirement fund also redeemed and allocated to cash $3.4B in multi-asset investments across three managers: $1.1B from Morgan Stanley Investment Management, $1.2B from Schroder Investment Management, and $1.1B from Wellington Management Company.

According to the NY State Comptroller’s website, the CRF had a market value of $267.7B as of March 31.

For more public pension insights and a comprehensive library of public plan minutes, we would love to offer you a free trial of Dakota Marketplace!