The New York State Common Retirement Fund has committed $250 million to Kayne Anderson Private Energy Income Fund, according to recently released board documents.
The fund launched in 2014 to take advantage of historically low natural gas prices, which have been pushed down by the huge boost in supply from the U.S. shale revolution
This is NYSCRF’s first investment with Kayne Anderson Capital Management.
The firm has invested in private energy since 1991 by engaging in investment partnerships dedicated to private equity financings for high-growth exploration and production and midstream companies, according to its website.
The investment will represent an increase in the size of NYSCRF’s real assets portfolio by nearly 50 percent as, currently, only 0.3 percent of the retirement fund’s $178.1 billion portfolio is invested in real assets.