New York State Common Retirement Fund commits $300m to Waterton Associates

New York State Common Retirement Fund (NYSCRF) has committed $300 million to Waterton Residential Property Venture XV, a value-added fund managed by Waterton Associates.

The closed-end commingled fund is focused on acquiring and operating value-add apartments that will seek to invest in a balanced portfolio of value-add apartments across the top 30–40 MSAs in the United States based on population. This is a new relationship for the NYSCRF.

The fund’s predecessor closed in 2021 with $1.5 billion. The fund is considered one of the largest dedicated multifamily value-add funds in the United States, and the firm is poised to invest Venture XIV capital through a period of historic disruption. The first deployment from Venture XIV was a four-property, 1,824-unit portfolio acquisition in the Atlanta metro area that closed on November 5, 2020.  Subsequent acquisitions include a two-property portfolio in Hawaii and three assets in California.

Similar to the firm’s