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Investors - MARCH 24, 2014

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New York Common makes $340m follow-on commitment

by Andrea Waitrovich

The $173.2 billion New York State Common Retirement Fund has made a follow-on commitment to a value-added real estate fund, according to its January 2014 monthly transaction report.

The pension fund committed $291 million along with a $48.5 million sidecar commitment for a total investment of $339.5 million to J.P. Morgan Star Lake Fund II, a value-add investment platform managed by J.P. Morgan Asset Management. NYSCRF’s previous investment in the fund series was to Fund I in January 2008.  And its relationship with the firm began in 1995.

Other recent January real estate activity includes affordable mortgages. NYSCRF’s closed on funding a mortgage for Poets Landing, a 72-unit affordable housing property in Dryden, N.Y.; under the buy-sell agreement with J.P. Morgan Chase, a mortgage of $1.85 million was funded. Another mortgage that closed was on 100 Heidi Court, an 85-uni

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