Institution: New York State Common Retirement Fund
Headquarters: Albany, US
AUM: $247.7 billion
Allocation to alternatives: 22.6%
New York State Common Retirement Fund has confirmed $420 million-worth of commitments to seven private equity vehicles, according to the pension’s latest monthly transaction report.
The commitment structure comprised $250 million to Avance Investment Partners, $120 million to Madison Square Fund II, $10 million to Viola Ventures VI, $25 million to Boyu Capital‘s Fund V and $5 million to Growth Fund I, and $4.9 million to 5Y Capital‘s Capital Growth Fund I and $3.3 million to Capital Evolution Fund II.
- The CEF II, will seek early-stage venture investments, whereas the CGF I, will make investments in mid to late-stage venture opportunities in China;
- Both vehicles by Boyu Capital will be targeting minority growth and growth buyouts in China;
The commitment to Avance Investment Management marks a new relationship for the CRF. The vehicle is set to pursue buyout transactions in the US lower mid-market targeting consumer and services related industries.
The recent commitments made by the pension fund indicates a special investment inclination toward the Asia-Pacific markets, as $38.2 million has been allocated to funds focusing purely on investments in early-stage ventures and buyout transactions in China.
The $247.7 billion US pension fund has a 10 percent target allocation to private equity that currently stands at 11.2 percent.
Illustrated below is the current investment portfolio and recent fund commitments made by NYSCRF.
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