NYSCRF contributes $200m to Noble Hospitality Fund V

The New York State Common Retirement Fund (NYSCRF) has earmarked $200 million for Noble Hospitality Fund V (NHF V), managed by Noble Investment Group.

NHF V, a closed-end, opportunistic real estate fund that opened to investors in August 2021, has a fundraising target of $800 million.

NHF V will invest in upscale select-service and extended-stay hotels in U.S. markets that exhibit strong population and GDP growth, as well as workforce expansion. The fund may enter into joint ventures but only on terms where the fund has, at minimum, joint control over major decisions.

It also may make preferred-equity investments if the fund has significant control rights. In addition, Fund V will review opportunities to invest in platform companies that invest in hospitality real estate assets.

The commitment builds on an existing relationship between NYSCRF and Noble Investment Group, according to a recent transaction