Key Takeaways
- • The New York State Common Retirement Fund made eight private markets commitments totaling up to $1.63 billion in September, according to a notice on the website of State Comptroller Thomas P. DiNapoli, sole trustee of the $309.7 billion pension fund.
- • Largest single commitments include $400 million to Green Equity Investors X (Leonard Green & Partners) and $400 million to the Empire GCM RE Anchor Fund, 2026-1 Series (GCM Grosvenor), a captive vehicle targeting small, emerging and diverse U.S. managers.
- • Most commitments were made with existing relationships or as follow-on investments; the $200 million SDC Digital Infrastructure Opportunity Fund V commitment to SDC Capital Partners was the one new relationship.
- • The fund also terminated its $383.4 million international equity investment with Artisan Partners, with the proceeds assigned to cash; DiNapoli's office declined to comment on the termination beyond stating that it does not comment on terminations.
Summary
The New York State Common Retirement Fund, based in Albany, made eight private markets commitments totaling up to $1.63 billion, according to a notice posted on the website of State Comptroller Thomas P. DiNapoli, who serves as sole trustee of the $309.7 billion pension fund. All commitments were made in September 2026, and all but one were with existing managers or represented follow-on commitments.
In private equity, the fund committed $400 million to Green Equity Investors X, managed by Leonard Green & Partners, which will invest in industrial, health care, financial, consumer and business services companies primarily in North America. It also committed $200 million to GEI X Coinvest-NS, which will invest alongside Green Equity Investors X. The fund made a commitment of €162.5 million ($181.2 million) to Marble Arch NY BE VIII Co-Invest SCSp, managed by Bridgepoint Group, which will invest alongside Bridgepoint Europe VIII B, primarily in Western Europe. The fund also made a €325 million ($379 million) commitment to Bridgepoint Europe VIII B in August 2026.
In real assets, the fund committed $200 million to SDC Digital Infrastructure Opportunity Fund V, managed by SDC Capital Partners, a closed-end fund focused on telecommunications and technology infrastructure. This is a new relationship for the pension fund.
In real estate, the fund committed $400 million to the Empire GCM RE Anchor Fund, 2026-1 Series, managed by GCM Grosvenor. According to the comptroller's website, the vehicle is a "captive fund investment vehicle that will make real estate investments with small, emerging, and diverse U.S. based managers." The fund also committed up to $7.5 million to Grandview IV, managed by Grandview Property Partners, through the same vehicle, as part of the pension fund's emerging manager program; Grandview IV will pursue industrial and residential real estate investments across the U.S.
In credit, the fund committed $139.72 million to Empire Credit Co-Investment Fund, a fund-of-one managed by Aksia that will make credit-related co-investments. The commitment adds to a $400 million commitment the pension fund made in 2024.
Under opportunistic and absolute return strategies, the fund committed $100 million to Frazier Life Sciences Public Fund, managed by Frazier Life Sciences Management, an open-ended fund focused on public company and crossover/mezzanine life sciences securities. The pension fund had committed $170 million to this fund in October 2021.
Separately, the pension fund terminated an international equity investment with Artisan Partners worth $383.4 million, with the assets assigned to cash. A spokesman for DiNapoli said in an email that the pension fund does not comment on terminations.
In private equity, the fund committed $400 million to Green Equity Investors X, managed by Leonard Green & Partners, which will invest in industrial, health care, financial, consumer and business services companies primarily in North America. It also committed $200 million to GEI X Coinvest-NS, which will invest alongside Green Equity Investors X. The fund made a commitment of €162.5 million ($181.2 million) to Marble Arch NY BE VIII Co-Invest SCSp, managed by Bridgepoint Group, which will invest alongside Bridgepoint Europe VIII B, primarily in Western Europe. The fund also made a €325 million ($379 million) commitment to Bridgepoint Europe VIII B in August 2026.
In real assets, the fund committed $200 million to SDC Digital Infrastructure Opportunity Fund V, managed by SDC Capital Partners, a closed-end fund focused on telecommunications and technology infrastructure. This is a new relationship for the pension fund.
In real estate, the fund committed $400 million to the Empire GCM RE Anchor Fund, 2026-1 Series, managed by GCM Grosvenor. According to the comptroller's website, the vehicle is a "captive fund investment vehicle that will make real estate investments with small, emerging, and diverse U.S. based managers." The fund also committed up to $7.5 million to Grandview IV, managed by Grandview Property Partners, through the same vehicle, as part of the pension fund's emerging manager program; Grandview IV will pursue industrial and residential real estate investments across the U.S.
In credit, the fund committed $139.72 million to Empire Credit Co-Investment Fund, a fund-of-one managed by Aksia that will make credit-related co-investments. The commitment adds to a $400 million commitment the pension fund made in 2024.
Under opportunistic and absolute return strategies, the fund committed $100 million to Frazier Life Sciences Public Fund, managed by Frazier Life Sciences Management, an open-ended fund focused on public company and crossover/mezzanine life sciences securities. The pension fund had committed $170 million to this fund in October 2021.
Separately, the pension fund terminated an international equity investment with Artisan Partners worth $383.4 million, with the assets assigned to cash. A spokesman for DiNapoli said in an email that the pension fund does not comment on terminations.
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