Investors - NOVEMBER 4, 2015

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NYSCRF commits $950m to real estate

by Zoë Wolff

The $184.5 billion New York State Common Retirement Fund has committed $950 million to two real estate funds, according to its September investment report.

The pension fund committed $350 million to Ares European Property Enhancement Partners II, as well as up to $100 million of co-investment authority at the discretion of the pension fund. The value-added fund, managed by Ares Management, targets real estate investments in major European markets.

Additionally, NYSCRF committed $500 million to Blackstone Property Partners. The open-end, core-plus fund is managed by The Blackstone Group and invests in retail, office, multifamily and industrial assets in major U.S. markets.

The pension has made previous commitments with both Ares Management and The Blackstone Group. NYSCRF has a 6.4 percent allocation to real estate.


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