Institution: New York State Common Retirement Fund
Headquarters: Albany, US
AUM: $247.7 billion
Allocation to alternatives: 22.6%
New York State Common Retirement Fund has confirmed $660 million-worth of real estate commitments, according to the pension’s latest monthly transaction report.
The commitments comprised $300 million to LaSalle Investment Management‘s open-end US property fund, $200 million to Oaktree Capital Management‘s eighth real estate opportunistic fund, $150 million to Kayne Anderson Real Estate Partners VI and $10 million to Roxborough Fund III. The Roxborough Group has received the allocation from NYSCRF’s emerging manager program.
The fund commitment to Kayne Anderson Capital Advisors marks a new relationship for the CRF real estate team. KAREP VI is currently in market seeking $2 billion of capital commitments for its close-end opportunistic real estate vehicle, exhibiting healthcare-related real estate and student housing in North America.
The $247.7 billion US pension has a 10 percent real estate target allocation that presently stands at 8.1 percent.
As illustrated below, NYSCRF’s recent fund commitments have predominantly targeted North American value-add and opportunistic real estate vehicles.
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