New York State Common Retirement Fund approves $12.5m commitment

The US public pension has backed a North American-focused mezzanine debt fund.

Institution: New York State Common Retirement Fund
Headquarters: Albany, United States
AUM: $210.20bn
Allocation to alternatives: 18.70%
Bitesize: $100-200m

New York State Common Retirement Fund has approved a commitment of $12.5 million to Liftbridge Commercial Fund 1, according to the pension’s September meeting minutes. The fund managed by Stillwater Asset Management will make investments in real estate-backed mortgages and loans.

The $210.20 billion US public pension has a 1.30 percent allocation to private debt.

As illustrated below, the pension has made five commitments to private debt funds with a 2018 or 2019 vintage, which combined constitute $662.50 million.

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