NYSTRS approves $400m in commitments

The US public pension has backed three multi-regional private real estate funds.

Institution: New York State Teachers’ Retirement System (NYSTRS)
Headquarters: Albany, United States
AUM: $119.90bn
Allocation to alternatives: 22.60%
Bitesize: $10-50m

NYSTRS has agreed to commit $400 million across three private real estate vehicles, a contact at the pension informed PERE. The commitments were approved throughout the final quarter of 2018 and include $200 million to Blackstone Real Estate Partners IX, $100 million to AG Realty Value Fund X and $100 million to Lone Star Fund XI. The three funds each have a multi-regional outreach, with Angelo Gordon’s fund focused on value-add investments whereas Blackstone’s and Lone Star’s funds are opportunistic in nature.

The $119.9 billion US public pension has an 11.0 percent target allocation to private real estate which currently stands at 15.1 percent.

As illustrated in the charts below, NYSTRS made four commitments to private real estate funds in 2018 totalling $550 million.

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