NYSCRF approves $750m commitment

The US public pension has backed an European subordinated debt vehicle in its latest fund commitments.

Institution: New York State Common Retirement Fund
Headquarters: Albany, US
AUM: $254.80 billion
Allocation to alternatives: 26%

New York State Common Retirement Fund has agreed to commit $750 million ICG Excelsior SCSp, according to its latest monthly transaction report.

Intermediate Capital Group‘s newly launched vehicle will focus on ICG’s European subordinated debt and equity as well as strategic equity strategies. The commitment to ICG marks a new fund manager relationship for the public pension.

NYSCRF has a 4.0 percent target allocation to private debt that currently stands at 3.0 percent. In the past 12 months, Private Debt Investor has seen a sharp rise in the pension’s private credit allocation. Between March and June, the percentage allocation to private debt has expanded by 1.3 percent.

As illustrated below, the $254.80 billion pension’s recent commitments have predominantly targeted North American and European corporate debt strategies.

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