NYSTRS commits $250m towards real estate funds

The New York State Teachers’ Retirement System (NYSTRS) has committed $150 million to a Raith Real Estate Debt Separate Account Upsize, $50 million to Penwood Select Industrial Partners (PSIP) VII, and $50 million to Pennybacker VI.

Managed by the New York-based Raith Capital Partners, the debt-separate account will focus on acquiring public and private real estate debt investments in the United States.

The $50 million commitment to Penwood Real Estate Investment Management’s PSIP VII helps the fund as it seeks to raise $500 million of capital. PSIP VII will invest in industrial and warehouse properties in the United States with a value-add strategy.

NYSTRS has invested in each vintage of the Penwood Select industrial partners fund series since PSIP II, according to data from IREI.Q, Institutional Real Estate, Inc.’s proprietary market intelligence research tool.

PSIP VI