New York State Commons commits $500m to real estate funds

The $206.9 billion New York State Common Retirement Fund has committed a total of $500 million to two real estate funds, according to a transaction report on Thomas DiNapoli’s website, the state comptroller and sole trustee for the pension fund.

The first was a follow-on commitment of $300 million to Prologis Targeted U.S. Logistics Fund, managed by Prologis. It is an open-end real estate fund that acquires, operates and sells high-quality logistics facilities in target markets across the United States critical to global trade, such as airports, seaports and highway systems.

The second commitment was $200 million to Blackstone Property Partners, managed by The Blackstone Group. Blackstone Property Partners is an open-end commingled real estate fund. BPP represents the first Blackstone Real Estate vehicle focused on equity investments structured to provide quarterly liquidity for investors. BPP invests in substantially stabilized and well-leased office, multifamily, industrial and retail assets, primarily in major U.S. markets such as New York, San Francisco, Los Angeles, Boston, and Washington, D.C.

These were not the pension fund’s first commitments to the two funds. In 2015, New York State Common committed $500 million to Blackstone Property Partners, and in 2017, the pension fund committed $300 million to Prologis Targeted U.S. Logistics Fund.