NY pension commits $150m to Lone Star funds

The US’ third largest public pension has disclosed commitments in a mix of private equity and real estate funds, including two Lone Star funds.

The $154.5 billion (€103.7 billion) New York State Common Retirement Fund committed to two Lone Star funds including $100 million to Lone Star Fund VI, the private equity firm’s distressed debt vehicle, which has raised approximately $7.5 billion in capital. The pension also committed $50 million to the Lone Star Fund, which targets hard assets.

It also made an investment in the High Meadows Mobile Homes Cooperative in Dover Plains, New York, a 203-unit affordable housing property, funding a mortgage of approximately $1.7 million.

In April, the New York State Common Retirement Fund made a direct investment in Public Storage’s Shurgard Europe self-storage business, paying approximately €383 million for a majority 51 percent stake in the self-storage company.

In the private equity asset class, the pension also committed $250 million to mid-market private equity fund Lindsay Goldberg III, which has a $4 billion target; $50 million to VantagePoint CleanTech Partners II, the second dedicated fund by VantagePoint Venture Partners to invest in the clean tech sector, with a target of $400 million; and $10 million to SW Pelham Fund III.