NY Makes Hedge Fund, Private Equity Commitments

Aug 8 2008 | 10:39am ET

Just days after calling for more exposure to alternatives, New York State Comptroller Thomas DiNaPoli is forging ahead with new commitments to a pair of hedge funds and a private equity vehicle.

The $153 billion New York State Common Retirement Fund has committed $300 million to TPG Partners VI. The fund has also allocated $10 million to equity hedge fund Passport II, which is a new relationship, and $2 million to Xerion Fund, an event driven focused fund.

The fund posted a 2.56% return for the 2007-2008 fiscal year, but according to DiNapoli, it could’ve done better if not for the fund’s constraint on alternative investments.

DiNapoli said the fund’s strongest returns came from the private equity (24.84%) and equity real estate (14.75%), adding that its growth is “limited by constraints on how we can respond to market forces.”

“We could have easily maximized our returns closer to 4%,” he said at a news conference earlier this week. “It’s time to revisit the basket bill and give the fund more investment flexibility.”

Under New York’s legal list system, investments in assets classified as alternative, such as private equity, real estate and absolute return strategies, are limited to 25% of the total portfolio.


In Depth

Q&A: High Conviction, Low Correlation

Oct 30 2014 | 7:35am ET

Acadian Asset Management's numbers are big: over $70 billion in assets under management...

Lifestyle

Ex-Hedgie Steyer Gives $56M To Climate Action Super PAC

Oct 28 2014 | 9:23am ET

Retired Farallon Capital founder Tom Steyer has poured almost $56 million into his...

Guest Contributor

Hedge Funds Weather A Data Management Perfect Storm

Oct 22 2014 | 12:28pm ET

From a regulatory standpoint, nearly every development since the crisis has placed...

 

Videos

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

October 2014 Cover

Demeter: Family affair

David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.