New York State Common Retirement Fund backs industrial, affordable housing funds

A spokesperson from the $233.2 billion New York State Common Retirement Fund (NYSCRF) has confirmed two real estate commitments, totaling $370 million, in an email.

The pension fund made a $350 million commitment to the EQT Exeter US Industrial Value-Add Fund VI, a closed-end, value-added fund targeting industrial opportunities in large U.S. markets.

The vehicle launched in March 2022 with a $4.5 billion fundraising target. As with previous funds, Fund VI will focus on acquiring, renovating, developing and leasing logistic properties in the United States.

Fund VI plans to secure 200 to 250 individual big-box warehouses, last-mile warehouses and industrial-service facilities in top markets for distribution centers and ecommerce air hubs. After the portfolio is stabilized with appropriate rental rates and long-term leases, Fund VI is expected to sell its assets to core real estate buyers through large-scale portfolio transactions.

In addition, NYSCRF commit