The $108.2 billion New York State Teachers’ Retirement System has committed $650 million to real estate debt separate accounts, according to recent meeting documents.
The pension fund committed $350 million to Brookfield Asset Management and $300 million to Cornerstone Real Estate Advisers to manage real estate debt separate accounts. Brookfield will focus on first mortgage loans and subordinated debt, while Cornerstone will focus on first mortgage bridge loans.
The pension fund has a 10 percent target allocation to real estate.
