New York State Comptroller Thomas P. DiNapoli announced today that the New York State Common Retirement Fund (Fund) has allocated $200 million to Pine Street Alternative Asset Management for opportunistic investments through its Emerging Manager Program. DiNapoli made the announcement during his address to attendees at the seventh annual Emerging Manager Conference in Albany today.
"I am pleased to welcome Pine Street as an investment partner for our Emerging Manager Program,”said DiNapoli. “This partnership will further expand the state pension fund’s pool of talented money managers, help boost the new opportunistic portfolio and position us for future growth.”
In 2011, DiNapoli fulfilled a commitment to expand the program making the Fund one of few state pension funds with an Emerging Manager Program in each of the major asset classes. To date, the Fund has committed more than $4 billion to the various investment classes including public equity ($2.5 billion), private equity ($1.5 billion), hedge fund ($200 million), real estate ($300 million) and opportunistic ($200 million).
“Pine Street is honored to partner with the New York State Common Retirement Fund to help increase access to the best investment talent in the emerging hedge fund space,”said Caroline Lovelace, partner and co-portfolio manager of Pine Street Alternative Asset Management. “We commend Comptroller DiNapoli's commitment to increasing opportunities for these emerging hedge fund managers, including women and minority-owned managers, while at the same time delivering strong returns to the Fund's bottom line.”