Institution: New York State Common Retirement Fund
Headquarters: Albany, US
AUM: $268.3 billion
Allocation to alternatives: 27.2%
New York State Common Retirement Fund has confirmed a $400 million commitment to Brookfield Strategic Real Estate Partners IV, according to the public pension’s September 2021 monthly transaction report.
Managed by the Toronto-based Brookfield Asset Management, BSREP IV is the largest real estate fund in market, with a target size of $17 billion. The fund, which entered the market in April 2021, will target real estate investment opportunities across the globe, with a focus on the North America, Western Europe and Asia-Pacific regions. BSREP IV is focused on investing in large-scale transactions where there are multiple opportunities to create value.
NYSCRF currently allocates 9 percent of its investment portfolio to real estate, which equates to over $24 billion in capital.
As illustrated below, NYSCRF’s recent real estate commitments have tended to focus on North American diversified vehicles targeting opportunistic and debt-based returns.
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