The $207.4 billion New York State Common Retirement Fund has committed equity to two real estate funds, €150 million ($171 million) to Niam Nordic VII and $400 million to Brookfield Strategic Real Estate Partners III (BSREP III), according to the retirement fund’s investment and transaction notes.
Niam Nordic VII is a commingled opportunistic diversified real estate fund managed by Niam. The fund is focused on acquiring commercial real estate in specific Nordic countries (Sweden, Norway, Denmark and Finland), and targets properties that can be upgraded and transformed during the holding period so that they will be attractive to more risk-adverse investors at exit.
The second fund, BSREP III, is a diversified closed-ended global opportunistic fund focused on two investment approaches: 1) acquiring positions of control or influence in real estate companies, distressed loans and securities; and 2) direct real estate acquisitions.
BSREP III is sponsored by Broo
