The New York State Common Retirement Fund (NYSCRF) has committed more than $1 billion to real estate in December 2024, according to meeting materials.
The public pension fund has committed $500 million to IPI Partners III, a fund managed by Iron Point Partners. This fund utilizes a core-plus, value-added investment style to acquire, develop, lease and operate data centers primarily in the United States.
In addition, NYSCRF has made two apartment acquisitions in Southern California: Simone Little Italy, in San Diego, and The Royce, in Irvine. Simone Little Italy is a 395-unit, 36-story apartment building that was acquired for $283 million. The Royce, a 520-unit multifamily property, was acquired for $247.5 million.
NYSCRF is a public pension fund with $259.9 billion in total assets under management as of March 31, 2024. As of this date, it had a 9 percent real estate allocation target and $25.1 billion in total real estate assets.
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