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New York State Common commits $1.4 billion, axes Eagle Capital Management

Jan 16, 2024

The New York State Common Retirement Fund, Albany, made $1.4 billion in commitments in August and terminated a $1.4 billion domestic large-cap equity portfolio with Eagle Capital Management, the pension fund reported Monday on the website of Thomas P. DiNapoli, the state comptroller and the sole trustee of the $246.3 billion fund.

The website gave no explanation, saying only that the termination took effect Aug. 16. A spokesman for Mr. DiNapoli declined to comment. The terminated money was allocated to cash.

The pension fund made three opportunistic absolute return strategy commitments:

The pension fund also made a $350 million commitment to the Blackstone Green Private Credit Fund III, managed by Blackstone. This is a "closed-end North American-focused, flexible credit fund primarily targeting the renewable and transitional energy sector," the website said. "Investments may include senior secured term loans, mezzanine financing, preferred equity, and other customized structured debt." Blackstone is an existing relationship.

The pension fund made a private equity commitment of €260 million ($255 million) to the Eighth Cinven Fund, managed by Cinven Capital Management. This fund will focus on health care, business services, industrials, financial services and consumer sectors, primarily in Western Europe, the website said. Cinven is an existing relationship.

Through its emerging manager program, the New York pension fund made a commitment of up to $15 million to MCB GP Accelerator, managed by MCB Real Estate and administered through the Empire GCM RE Anchor Fund, L.P./GCM Grosvenor, an emerging manager program partner. MCB GP Accelerator will invest in co-general partner opportunities "alongside early-stage real estate operators and developers," the website said. MCB Real Estate is an existing relationship.