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New York State Common Retirement Fund to commit $1bn to emerging managers30/10/2007. Source: AltAssets. 
 The New York State Common Retirement Fund is increasing its private equity commitment to emerging managers, with a focus on women and minority-owned businesses, to $1bn over the next several years. The move will more than double the amount of capital available to emerging managers.
Thomas P DiNapoli, New York State Comptroller and the sole trustee of New York State's $154.5bn Fund, said, 'This unprecedented commitment by the Fund is a direct result of the outstanding opportunity emerging managers offer. One of my top priorities has been to expand the diversity of our manager pools. The firms in our emerging manager programme, the majority of which are women and minority-owned, have proven to be more entrepreneurial, focusing on smaller ends of the market. These investments have created a stabilising force for the Fund.'
Currently, the Fund has committed $475m to its private equity emerging manager programme, and $108m has already been invested.
The Fund began a formal emerging manager private equity programme in 2005. The programme is currently managed by Aldus Equity Partners, a fund of funds manager with a mandate to identify emerging managers that offer attractive investment opportunities. The Fund will be conducting a competitive process to select one or more fund of funds managers to implement the $1bn commitment.
The New York State Common Retirement Fund has committed $10bn to its private equity programmes over the past fiscal year, according to the Fund.
Aldus Equity focuses on areas including private equity, mezzanine finance, domestic real estate, European private equity, secondaries and special situation funds.
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