By Muskan Arora
The $268bn New York State Common Retirement
Fund favored investments in public equities, real estate and credit portfolio
of up to $3bn in August.
The pension plan returned 1.4% for the
fiscal first quarter ended June 30, with a long term expected rate of return at
5.9%.
NYSCRF allocates 42.3% to public equities,
13.1% to real estate and real assets and 7.8% to credit and absolute-return
strategies and opportunistic alternatives.
Public Equity Allocation
Continuing its relationship with BlackRock, the system committed $1bn to BlackRock MSCI Climate Change Index Strategy, within its public equities portfolio.
Real Estate Allocations
NYSCRF focused on hot sectors through its
real estate portfolio with allocations amounting to approximately $800m.
Targeting opportunistic returns, the system
committed $400m to Carlyle Realty Partners X, a closed-end continuation fund. The
fund is a continuation of the Carlyle Realty Partners Fund series.
Jumping on the bandwagon of investments in data
centers, the system committed $300m to Principal Data Center Growth &
Income Fund, fully pre-specified data center fund focused on the U.S.
Another $98.35m was allocated to a 218-unit Class A apartment project in Massachusetts named Alta Oxbow. The system further acquired a site in Niagra Falls for more than $1m which is expected to include a mixed-use building rehabilitation that will contain a total of ten (10) residential units and a ground floor commercial space.
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Credit Portfolio Allocations
The system allocated $300m to a commingled
vehicle - Warburg Pincus Capital Solutions Founders Fund, L.P. The fund targets
highly structured transactions that combine strong downside protection with
equity-like upside, or those underpinned by cash-flowing assets.
Another $400m was committed to a
fund-of-one, Domain Excelsior Fund, L.P. The fund invests in entertainment
assets that seek to generate predictable cash flow streams.
The New York based pension plan allocated an
additional $150m to Insight Partners Opportunities Fund II, which targets
minority equity investments in growth stage software companies in North America
and Western Europe.
Further, $200m was allocated to Empire
Co-Invest III, which will complement investments alongside Insight Partners
Opportunities Fund II. Investments are primarily focused in North America and
Western Europe.
Emerging Manager Program
Within its EM sleeve, the system allocated
$10m to Matter European Residential Platform through the Empire GCM RE Anchor
Fund/ GCM Grosvenor.
The platform will be invested into three
European residential platforms alongside Matter Real Estate Fund II.
