Here Are The Latest Fund Recipients Of New York Pension System's Generosity (Or Wrath)

Tyler Durden's picture

Every month the New York State Common Retirement Fund (CRF) provides an update on which funds are the beneficiaries (or lately, have suffered the wrath) of its portfolio manager capital allocation. As everyone knows, in the past preferential allocation to select external asset managers has cost quite a few of the "capital allocators" not only their jobs, but now that the NY AG is involved, potentially their freedom. Which is why keeping a running tally of this data is relevant as it shows not just who, in the eyes of the New York Pension system is doing well, but who is, shall we say, "politically connected" these days. Here are the most recent winners and losers. Oddly enough, recent monthly allocation has been surprisingly muted compared to prior periods, especially in domestic and international equity strategies: is the CRF running out of allocatable capital? Also, we are confident Perella Weinberg's receipt of $100 million from the CRF in November had nothing to do with its acquiescence to being strong-armed by the administration in Chryslergate.

February 2010:

  • There was no activity in CRF’s domestic equity portfolio in February 2010.
  • There was no activity in CRF’s international equity portfolio in February 2010.
  • There was no activity in CRF’s private equity portfolio in February 2010.
  • Absolute return strategies:

COMAC Global Macro Fund, $25 million. COMAC is a global macro fund. This transaction is a contribution to an existing relationship for the CRF. No placement agents were involved in CRF’s investment. The investment closed on February 1.
King Street Capital, Ltd., $40 million. King Street is an event driven credit fund. This transaction is a contribution to an existing relationship for the CRF. No placement agents were involved in CRF’s investment. The investment closed on February 1.

  • There was no activity in CRF’s opportunistic alternatives portfolio in February 2010.

January 2010:

  • Domestic equity:

The Lynmar Capital Group large cap growth account was terminated with a value of $42 million. The transaction closed on January 4.
The Brandywine Global large cap value account was not renewed with a value of $220 million. The transaction closed on January 4.

  • International equity:

The Global Currents international account was not renewed with a value of $602 million. The transaction closed on January 4.

  • There was no activity in CRF’s private equity portfolio in January 2010.
  • Absolute return strategies:

Brookside Capital Partners Fund, $100 million. Brookside Capital Partners is an equity long-short fund. This investment is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on January 4, 2010.

Finisterre Emerging Markets Fund, $230 million. Finisterre Emerging Markets is a tactical trading fund. This investment is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on January 4, 2010.

  • Opportunistic alternatives:

Invesco Mortgage Recovery Feeder Fund, $50 million. This is in addition to an existing $100 million commitment. Invesco is part of the Public-Private Investment Program. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on January 8, 2010.

December 2009:

  • There was no activity in CRF’s domestic equity portfolio in December 2009
  • There was no activity in CRF’s international equity portfolio in December 2009.
  • Private Equity:

Bunker Hill Capital II, $25 million through the Pioneer Partnership Fund B. Bunker Hill is part of CRF’s Emerging Manager program. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 7, 2009.

Relativity Fund, $30 million through the Pioneer Partnership Fund B. Relativity is part of CRF’s Emerging Manager program. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 11, 2009.

SAIF Partners IV, $100 million commitment. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 18, 2009.

Clearlake Capital Partners II, $5 million commitment through the Pioneer Partnership Fund A. This is in addition to an existing $15 million commitment. Clearlake II is part of CRF’s Emerging Manager program. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 31, 2009.

  • Absolute Return Strategies:

Pennant Windward Fund, $125 million. Pennant Windward is an equity long-short fund. This investment is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on December 1, 2009.

  • Opportunistic alternatives:

Invesco Mortgage Recovery Feeder Fund, $100 million. Invesco is part of the Public-Private Investment Program. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 10, 2009.

Oaktree PPIP Private Fund, $50 million. Oaktree is part of the Public-Private Investment Program. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on December 18, 2009.

November 2009:

  • There was no activity in CRF’s domestic equity portfolio in November 2009.
  • There was no activity in CRF’s international equity portfolio in November 2009.
  • Private Equity:

Clearlake Capital Partners II, $15 million commitment through the NYSCRF Pioneer Partnership Fund - A. Clearlake II is part of CRF’s Emerging Manager program. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on November 2, 2009.

DeltaPoint Capital IV (New York), $25 million commitment. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on November 6, 2009.

  • Absolute Return Strategies:

Brigade Leveraged Capital Structures Fund, $100 million. Brigade is a credit-focused fund. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on November 2.

Level Global, $100 million. Level is an equity long-short fund. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on November 2.

Perella Weinberg Partners Xerion Fund, $100 million. Xerion is a credit-focused fund. This transaction is a contribution to an existing relationship for the CRF. No placement agents were involved in CRF’s investment. The investment closed on November 2.

  • Opportunistic Alternatives:

York Distressed Mortgage Fund, $250 million commitment. York invests in residential whole loans. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on November 6, 2009.

October 2009

  • There was no activity in CRF’s domestic equity portfolio in October 2009.
  • There was no activity in CRF’s international equity portfolio in October 2009.
  • Private equity:

Hudson Clean Energy Partners, $100 million commitment. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. This commitment is part of the Comptroller’s Green Strategic Investment Program. The commitment closed on October 30.

  • Absolute Return Strategies:

Brevan Howard Fund, Ltd., $50 million. Brevan Howard is a global macro fund. This transaction is a contribution to an existing relationship for the CRF. No placement agents were involved in CRF’s investment. The investment closed on October 1.