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June 30, 2010

CRF Launches Emerging Manager Program For Hedge Funds

State Pension Fund Allocates $200 Million to The Rock Creek Group

The $132.6 billion New York State Common Retirement Fund (Fund) has allocated $200 million to The Rock Creek Group to manage the first installment of the new emerging manager component of the Fund’s industry leading hedge fund portfolio, State Comptroller Thomas P. DiNapoli announced today.

“We want to replicate the great success we’ve had with emerging managers in the Fund’s public and private equities portfolios, and Rock Creek is the right firm to kick this off in the hedge fund space,” DiNapoli said. “Our expanded use of emerging managers will help keep the Fund agile and well positioned to take advantage of promising opportunities, and achieve sustainable future growth.”

DiNapoli said Rock Creek will play a key role in developing the emerging manager hedge fund portfolio, focusing on newer firms, firms with assets totaling less than $500 million, and women- and minority-owned fund management companies.

Led by former World Bank Treasurer and Chief Investment Officer, Afsaneh Beschloss, Rock Creek has extensive experience in trading, portfolio management, risk management and investment management operations.

“Rock Creek is eager to help New York’s pension fund develop this important strategic initiative,” Beschloss said. “Our efforts will reflect Comptroller DiNapoli’s commitment to extending opportunities to the universe of emerging talent.”

DiNapoli increased the Fund’s use of emerging managers soon after taking office in 2007, and it now has approximately $5 billion committed to emerging managers. He increased the Fund’s emerging managers commitments in private equities by $1 billion, bringing the total in that asset class to approximately $2 billion. The Fund also has approximately $3 billion committed to emerging managers in public equities. DiNapoli said the Fund is now developing a similar program in its real estate portfolio.


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