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New York Pension Fund to Invest up to 3% of its assets in Africa
London (Capital Markets in Africa):- At a conference in London last week, Vicki Fuller, the Chief Investment Officer of the New York State Common Retirement Fund, revealed that it is planning to allocate as much as 3% of its assets, (approximately $5 billion), to investing in Africa over the next 5 years.
Private equity, venture capital, infrastructure and real estate opportunities all look set to benefit. With priority being given to managers with offices in African countries, The Wall Street Journal reports that the fund will commit $100 million or more to firms managing over $500 million in assets, while investing in smaller funds and companies through funds-of-funds managers.
The New York pension fund has so far invested about $200 million in Africa, most of which was committed in the last 12 months to two private-equity firms: Helios Investment Partners and African Capital Alliance. The fund will prioritize local managers with offices in African nations, Ms. Fuller said.
Read the full article at The Wall Street Journal…