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Alternative Market Briefing

New York pension fund allocates $446.3m in 10 funds, including $125m to Pennant Windward L/S Fund

Thursday, February 04, 2010

From Precy Dumlao, Opalesque Asia:

The $126bn New York State Common Retirement Fund (CRF) closed 10 transactions in December amounting to $446.3m, including transactions in hedge funds, private equity and other alternative investments, according to report by state comptroller Thomas P. DiNapoli.

The monthly report said at least $125m was allocated to absolute return strategies. The transaction was awarded to Pennant Windward, an equity long-short fund. This investment is a new relationship for CRF.

"CRF invests with absolute return strategies general partners directly and through managed funds of-funds organized as separate accounts for CRF. Significant activity includes new and increased commitments to general partners made directly by CRF, and new and increased commitments through funds-of-funds," DiNapoli said in a statement.

Other allocations made by CRF includes four transactions in its private equity portfolio totalling $160m, two transactions in its opportunistic alternatives portfolio totalling $150m and three transactions in its real estate portfolio totalling $11.3m.

The CRF holds assets in trust for more than one million employees and retirees from State governments, most local governments and some public authorities.

Across the globe, institutional investors from universities to pension funds are re-considering investing in hedge funds after the industry regained its confidence since the 2008 to early 2009 financial turmoil.

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