North Carolina Retirement makes $327m of real estate commitments

The North Carolina Retirement System has invested $200 million in Northpond Retail Partners, a separate account, and $127.3 million in NorthRock Core.

Managed by Northpond Partners, Northpond Retail Partners is a separate account that is targeting acquisitions of unanchored neighborhood retail centers in the United States, with an initial focus across the Southeast and select Sunbelt markets.

NorthRock Core is managed by Rockwood Capital, a private real estate firm with offices in Los Angeles, San Francisco and New York City. Rockwood Capital has invested more than $39 billion on behalf of its clients in real estate through commingled funds and separate accounts.

This is NCRS’s first investment with Northpond Retail Partners, but the retirement system has made numerous investments to Rockwood Capital funds in the past, including a $200 million commitment to Rockwood Development Partners in 2016 and a $125 million commitment to Rockwood Capital Real Estate Part