NYSCRF approves $464.5m in commitments

The US public pension has backed four private debt vehicles in its latest round of commitments.

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 $464.5 million worth of commitments to four private debt vehicles, according to the pension’s February 2021 monthly transaction report.

The commitments comprised $200 million to FIMI Opportunity VII, €200 million ($234.5 million) to Blantyre Special Situations Fund II, $15 million to Brasa Credit II and $15 million to Mandrake Capital Real Estate Fund.

As part of NYSCRF’s emerging manager program, both Brasa Capital and Mandrake Capital Partners have received allocations from the pension fund.

NYSCRF has a 3.0 percent target allocation to private debt that currently stands at 1.7 percent.

As illustrated below, the $247.7 billion US public pension’s recent private debt commitments have predominantly targeted corporate and real estate debt vehicles focused on subordinated lending or the acquisition of distressed debt.

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