By Muskan Arora
The $274.6bn New York State Common Retirement Fund reported an estimate net return of 4.2% for the three months ending September 30, with maximum allocation exposure to publicly traded equities at 42.01% boosting the returns, according to an announcement by Thomas P. DiNapoli, the state comptroller and sole trustee of the pension plan.
The annual assumed rate of return is 5.9%, and estimated net return for the year-ago period was -1.6% with reported an increase of $28.3bn over the one year period for its assets under management.
“While investors continue to face uncertainty, steady
economic growth has continued this year, bolstering markets in the second
quarter,” said DiNapoli in a news release.
“Our diverse portfolio is built on long-term sustainable investments that can weather the market’s ups and downs,” he added.
For the fiscal year ended March 31, domestic equities and global equities had the highest returns at 28.98% and 24.29%. In contrary, real estate was down 9.72%.
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Further, in a recent notice, DiNapoli disclosed 15 new commitments made by the pension plan in September.
Within its absolute return strategy, the system made 5 commitments of $1.8bn to TPG Capital, Blue Owl Capital, Blue Owl Strategic Equity Partners Advisor, and two funds of General Catalyst Group Management.
$500m was allocated to TPG Solutions (A), which focuses exclusively on
investments in partner-led transactions. Another $360m were committed to Empire
Opportunistic Secondary Fund, which focuses on separately managed accounts with
a broad mandate to manage secondary opportunities identified by the pension
plan.
$300m was committed to each of the funds General Catalyst Group XII and the General Catalyst Excelsior Fund, which focuses primarily on early and
growth-stage companies across the technology, healthcare and fintech sectors
with a geographic focus in North America.
Moving onto
credit, the system made four commitments worth $1.2bn, mostly with
existing relationships.
$300m each
were allocated to Neuberger Berman Loan Adviser Holdings IV, FP Credit
Partners III Aggregator, OCU Empire Fund and $250m to Blackstone Capital
Opportunities Fund V.
Within private equity, the system made three commitments worth $816m, including $500m to Blackstone Capital Partners IX Supplemental, which is focused on investments in the U.S., Western Europe and Asia.
$300m were committed to Blackstone Capital Partners IX, which
is focused on investments in digital media and technology services, travel and
leisure, software, essential healthcare products, life sciences services,
essential component and systems manufacturing, essential business services and
energy transition.
$16.2m were allocated to Trident American Dreams Fund I,
which focuses on lower middle market companies in the U.S. across the
industrials, consumer and healthcare sectors.
Finally, within real estate the system committed a
total of $800m across three allocations.
$400m were allocated to WCP NewCold III, a global cold-storage
fund. $250m were allocated to Fairfield U.S. Multifamily Value-Add Fund IV, a
closed value add fund and $150m were committed to Fairfield U.S. Multifamily
Value-Add Fund IV Co-Investment.
