NYSCRF commits $350m to real estate
The New York State Common Retirement Fund has committed $350 million to Westbrook Partners. The $183.5 billion pension fund committed $200 million to Westbrook Real Estate Fund X and allocated $150 million for co-investment with the Westbrook fund.
“[The fund] intends to curate a well-diversified portfolio of existing properties well-located in gateway markets globally,” says Matthew Sweeney, a spokesperson for the New York State Comptroller, which administers the NYSCRF. The investments will primarily be in global markets such as Berlin, Boston, Frankfurt, London, Miami, Munich, New York City, Paris, San Francisco, Southern California, Tokyo and Washington, D.C. The fund will invest in all major property types.
NYSCRF has been investing with Westbrook for nearly 20 years and has invested a total of $635 million in Westbrook Funds I through VIII. The pension fund has a 6.4 percent actual allocation to real estate.