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.