The New York State Teachers’ Retirement System (NYSTRS) has renewed one-year agreements with five different firms within its real estate strategy.
BlackRock Financial Management will continue to manage a portion of NYSTRS’s CMBS assets, while Raith Capital Partners will act as a real estate debt separate account adviser.
Meanwhile, AEW Capital Management, Cohen & Steers Capital Management and Principal Real Estate Investors will each manage a portion of NYSTRS’s portfolio that is invested in the securities of REITs and REOCs.
As of June 30, 2023, 12.2 percent ($16.47 billion) of NYSTRS’s $137.2 billion portfolio was invested in real estate equity, while 5.6 percent ($7.53 billion) was invested in real estate debt, compared with the 11 percent and 6 percent respective target allocations for those asset classes.
For the fiscal year that ended on June 30, 2023, real estate equity investments for NYSTRS yielded a -3.9 percent return, outperforming
