NYSCRF backs Principal, JP Morgan, PGIM Real Estate, Blackstone, Fairfield funds

The New York State Common Retirement Fund (NYSCRF) has disclosed several large commitments with high-profile real estate managers in its June investment report.

NYSCRF invested $500 million each in the Principal U.S. Property Separate Account, managed and sponsored by Principal Real Estate Investors (PREI), a division of Principal Financial Group; JP Morgan Strategic Property Fund (SPF), managed by JP Morgan Investment Management; PRISA, managed by PGIM Real Estate; and Blackstone Real Estate Partners X, managed by Blackstone. The pension fund also placed $200 million in Fairfield U.S. Multifamily Core Plus Fund II, managed by Fairfield.

Principal U.S. Property Separate Account is an open-ended, diversified fund that invests in core stabilized assets within the main real estate sectors in the United States. PREI is a new relationship for the NYSCRF.

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