The $210 billion New York State Common Retirement Fund (NYSCRF) has invested $12.5 million in Liftbridge Commercial Fund I, a closed-end fund managed by Stillwater Asset Management.
The fund, a commingled investment vehicle, invests in real estate–backed mortgages and loans, according to NYSCRF, the third-largest pension fund in the United States.
The commitment was made through New York’s Emerging Manager Program, which was established to invest in newer, smaller and diverse investment management firms. The investment closed on Sept. 12.
The program includes new and increased commitments to emerging managers or transactions made directly by the fund, and new and increased commitments through emerging manager funds-of-funds.
NYSCRF committed $500 million to two real estate funds in August, according to a recently released transaction report. The fund committed $300 milli
