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Highlighting The Recent Recipients Of New York State's Fund Of Funds Generosity
The fallout from the recent investigations by the Attorney General into the New York Pension Fund system will be the likely topic of numerous analyses for months to come as details of more impropriety are uncovered. In the meantime, we would like to highlight to our readers some of the more recent recipients of New York State's generosity, which in acting as a Fund of Funds for New Yorkers, continues investing capital in numerous Private Equity and Hedge Fund firms, as well as directing real estate investments.
Hedge Funds and Private Equity:
April:
- Cantillon Europe, $75 million. Cantillon is a long-short equity fund. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on April 3. (an abysmal investment presumably as William von Mueffling's fund shut down a mere two months later).
May:
- Horseman Global Fund, Ltd., $75 million. Horseman Global is a long-short equity fund. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on May 1.
June:
- Falcon Strategic Partners III, $50 million commitment. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on June 30.
- Carpenter Community BancFund through the NYSCRF Pioneer Partnership Fund B, $30 million commitment. Carpenter is part of CRF’s Emerging Manager program. This is a new fund relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed on June 30.
July:
- Diamondback Partners, $75 million. Diamondback is a long-short equity fund. This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed on June 1.
- COMAC Global Macro Fund, $100 million. COMAC Global Macro is a tactical trading fund.
This is a new relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed July 1. - HealthCor, $50 million. HealthCor 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 July 1.
- TA XI, $100 million commitment. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The commitment closed July 29.
- Lansdowne UK Equity Fund, $25 million. Lansdowne UK Equity is an equity long/short fund. This is an existing relationship for CRF. No placement agents were involved in CRF’s investment. The investment closed July 1.
August:
- BlueCrest Capital, $100 million. BlueCrest is a global macro tactical trading fund. This investment is a new relationship for the CRF. No placement agents were involved in CRF’s investment. The investment closed on August 3.
- HealthCor, $50 million. HealthCor is a long-short equity 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 August 3.
- Lansdowne UK Equity Fund, $50 million. Lansdowne is a long-short equity 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 August 4.
- Viking Global Equities III, $50 million. Viking is a long-short equity 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 August 3.
Something about HealthCor and Landsdowne must have really piqued the NY FoF's attention. One wonders just what are the selection criteria for the New York Pension System when deciding whom to invest new capital into.
And here is a sampling of some of the recent direct CRE investments by the FoF:
- 312-330 Greenwich Street, Hempstead, NY, a 2-unit affordable housing property, under the Buy-Sell Agreement with the Community Preservation Corporation, mortgage of $744,506 was funded. No placement agents are involved in this type of transaction. The mortgage closed on August 19.
- Halfmoon Heritage Phase I, Halfmoon, NY, a 132-unit affordable housing property, under the Buy-Sell Agreement with the Community Preservation Corporation, mortgage of $14,250,000 was funded. No placement agents are involved in this type of transaction. The mortgage closed on August 25.
- Sleepy Hollow Senior Apartments, NY, an 85-unit affordable housing property, under the Buy-Sell Agreement with JP Morgan Chase Bank, mortgage of $2,400,000 was funded. No placement agents are involved in this type of transaction. The mortgage closed on August 25.
- 2055 East Schodack Road, Shodack, NY, a 49-unit affordable housing property, under the Buy-Sell Agreement with the Community Preservation Corporation, mortgage of $4,450,000 was funded. No placement agents are involved in this type of transaction. The mortgage closed July 16.
- Dutchess Adult Residence, Tivoli, NY, a 14-unit affordable housing property, under the Buy-Sell Agreement with the Community Preservation Corporation, mortgage of $987,085 was funded. No placement agents are involved in this type of transaction. The mortgage closed on May 29.
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Did I get the CAPTCHA right?
Shares of KB Home dropped Monday after the company said the Securities and Exchange Commission is investigating it for possible accounting and disclosure violations.
But wait, there's more:
'Item number 7 on the agenda was adoption of a resolution approving 100%mortgage insurance of a JP Morgan Chase Bank permanent first mortgage loan in an amount not to exceed $2,580,000 for Henry Hudson Townhouses, 35 Hudson Avenue, City of GlensFalls, Warren County, Certificate #7-62, utilizing the New York State Common Retirement Fund. The Project involved the construction of 136 residential units for low and moderate incometenants. Total Project costs were expected to be $26,855,000'
http://74.125.155.132/search?q=cache:Xzk16lN7TowJ:www.nyhomes.org/docs/061213-december_13__2006_mic_minutes.pdf+"sleepy+hollow+senior+apartments"&cd=1&hl=en&ct=clnk&gl=us
That's about $180 million of CRE approved in the course of one meeting
Low and moderate income tenants at $197,000 per unit... not bad work if you can get it.
I don't live in NYC and thus have no opinion regarding rent control, but here's an interesting article from The Village Voice that quotes Joseph Strasburg, Grand Master Landlord of NYC:
"Chaos, from our perspective," gloated Joseph Strasburg, who runs the city's largest landlords' club, "is not such a bad thing."
http://www.villagevoice.com/2009-06-24/columns/paterson-the-governor-who-forgot-to-get-mad/
as a New Yorker for over 50 years, I am proud to say that we are a complete piece of shit. Though some have already given the State "nobel" award to California, I am confident that we will have the opportunity to surge ahead in 2010.
I concur... New York will not be #2 for long. And New York City will become "The city that never sleeps" for a whole new list of reasons...
reason #1: NY Yankees bay bay
...er... actually I was thinking crime... and not the white collar stuff...
As a Californian for over 50 years, I promise you will not confiscate this coveted award from us anytime soon. Governor-elect Jerry Brown is on the way to save us.
Now back to my rosary.