CONTACT:
Robert
Whalen
(212) 681-4840
FOR RELEASE:
Immediately
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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