The $120bn New York State Common Retirement Fund (CRF) has appointed four asset managers to run $350m in US equities.
The CRF has increased its funding to Progress Investment Management's emerging manager program by $100m, bringing the total up to $802m. As a result of the $100m increase, three new managers and one existing manager have been appointed to run mandates for the CRF.
The three new emerging managers are: Earnest Partners, which will run a $40m US small cap equities mandate; Nichols Asset Management, which received $20m for a technology sector account; and Rasara Strategies which received $20m for a small/mid-cap regional banking account.
Piedra Capital Management, an existing mid-cap manager, received a new $20m mandate as a result of Progress' increased funding.
Additionally, Chicago Equity Partners has been to appointed to run a new $250m US large cap core brief.
The CRF has also made a number of real estate investments including a 67% interest in the Kraft Foods Distribution Centre, a 344,700 sq. ft. industrial building located in Virginia which was acquired by the fund's Lexington Acquiport joint venture for $14.6m.
Two properties were acquired by the CRF's joint venture with Kimco. The CRF took a 45% stake in Snellville Pavillion, a 312,080 sq. ft. shopping centre in Atlanta for $29.9m. The CRF also paid $37m a 45% interest in Bridgewater Promenade, a 624,389 sq. ft. community centre in New Jersey.
By Geoffrey Ho
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