NYSCRF commits $640m to real estate and infrastructure funds
Investors - DECEMBER 21, 2023

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NYSCRF commits $640m to real estate and infrastructure funds

by Lewis Dayton

The New York State Common Retirement Fund (NYSCRF) has committed $375 million to Fundamental Empire Fund (FEF), $250 million to Stonepeak Opportunities Fund (SOF) and $15 million to American South Real Estate Fund (ASREF) II.

Managed by Fundamental Advisors, FEF is a fund-of-one that will opportunistically invest in a diverse range of real assets investments, primarily in affordable and workforce housing, renewable energy, infrastructure and municipal assets.

SOF is managed by Stonepeak Partners and is seeking to raise $2.5 billion to invest in infrastructure and infrastructure-like assets, including in the energy transition, transportation/logistics, digital and social infrastructure sectors, with a focus on the middle market.

ASREF II is seeking to raise $250 million and is managed by American South Fund Management, a Louisiana real estate investment firm focused on preferred equity and mezzanine debt investments into the affordable housing space across the So

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