New York State Common Retirement Fund commits more than $500m to real estate funds

The New York State Common Retirement Fund (NYSCRF) has announced more than $500 million of commitments to real estate funds via its real estate and emerging manager programs.

For its real estate portfolio, NYSCRF has earmarked $300 million for the GID Mainstay Fund, an open-end fund managed by GID Investment Advisors, and $200 million for the closed-end Asana Partners Fund III, managed by Asana Partners.

The GID Mainstay Fund will acquire and develop multifamily assets in the United States. GID is a new relationship for the pension fund. Asana Partners Fund III will focus on investments in attractive value-add neighborhood centers and mixed-use properties in top urban and near-urban neighborhoods in the United States. Asana has an existing relationship with the New York pension fund.

In other news, NYSCRF invested as much as $30 million in Diversified Real Estate Niche Strategies (DRENS) Fund I and as much as $20 million in Corten Real Estate Fund II. Both inves