The New York State Common Retirement Fund (NYCRF) has disclosed commitments of $360 million across three private equity funds and a separate $71 million to a number of real estate funds.
The Blackstone Group’s sixth fund garnered the largest investment, $300 million, from the public pension giant. Blackstone, which had originally anticipated closing Fund VI in June of this year, has said it is waiting on a few last LPs to confirm commitments before holding a final close.
The $124.8 billion NYCRF also invested $45 million in venture capital firm Institutional Venture Partners’ thirteenth fund, which closed recently on $750 million. The venture capital and growth equity fund will invest in technology and digital media companies in the US. IVP XIII is the largest fund raised in IVP's thirty year history.
The pension also disclosed a $15 million commitment to create the High Peaks Seed Ventures NY Fund. New York-based High Peaks Venture Partners expects to attract an additional $5 million to $10 million from other investors for the seed venture fund, which is part of the in-state private equity program’s Appleseed Initiative.
New York has also committed $71 million across seven real estate funds. Gateway Capital’s Real Estate Fund III and Savanna’s Real Estate Fund II received the vast majority of the commitments, collecting $31.7 million and $30 million, respectively.
All three private equity firms have existing relationships with NYCRF, and no placement agents were used for any of the pension’s commitments.