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New York Teachers commits $535m to real estate

by Reg Clodfelter

The $95.4 billion New York State Teachers’ Retirement System committed $534.8 million to real estate funds in the fourth quarter of 2013, according to board documents released yesterday. All four of the investments were follow-on investments with existing fund managers. The majority of the investments went to noncore strategies, including $200 million to Blackstone Real Estate Partners Asia, a $4 billion opportunistic fund managed by The Blackstone Group. The fund opened in January 2013 and has a target close date of December 2014. It will invest primarily in China, India, Australia and Japan and will invest across property types. Other institutional investors in the fund include

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