US - The $112bn New York State Common Retirement Fund (CRF) has increased the funding of incumbent manager Progress Investment Management by $200m.
The increased funding to Progress' emerging manager program brings the CRF's total investment up to $1bn. As a result of the $200m increase, eight fund managers have had their mandates increased.
Piedra Capital, an Hispanic-owned firm, received an extra $35m for its mid cap mandate; New Amsterdam Partners, a woman-owned firm, received an additional $10m for its mid cap account; EARNEST Partners, an African-American-owned firm, received $40m in extra funding for its US small cap brief; and Hoover Investment Management, a woman-owned firm, received $45m for a small cap mandate.
The other emerging managers that had their mandates increased are Schneider Capital Management, which received $22m for its mid cap account; Nichols Asset Management, an extra $20m for its technology sector brief; RASARA Strategies, $20m for a small/mid cap regional banking sector mandate; and Fortaleza Asset Management, which received an extra $8m for its small cap account.
Additionally, the CRF has made several real estate and private equity investments. The CRF has committed a total of $750m to private equity, with the Fairview Capital III fund receiving $25m; $300m was allocated to the Mohawk River Fund III; $50m was committed to the Oaktree Principal Opportunities Fund II; the Blum Capital Partners II fund received $75m; and $300m was invested in the Warburg Pincus Private Equity VIII fund.
The CRF also bought the Four Coliseum Centre for $25.5m. The acquisition of the Charlotte, North Carolina-based centre brings of all the office space in the 975,000 sq. ft. Coliseum Centre Office Park under the CRF's control. Additionally, the CRF funded the mortgages of Community Preservation and Connecticut General Life Insurance.
Under a buy-sell agreement with Community Preservation, the CRF funded mortgages worth $394,495 and $367,000. The mortgages will be used to acquire two affordable housing properties in New York state. CRF also co-funded a $96m first mortgage loan with Connecticut General Life Insurance Company on the Pacific View Mall, a shopping mall located in San Buenaventura, California.
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