NYSTRS commits $75m to industrial fund
The $104.3 billion New York State Teachers’ Retirement System has committed $75 million to Select Industrial Partners Fund IV. The commitment, which was confirmed by John Cardillo, a spokesperson for the pension fund, makes up approximately 30 percent of the entire capital raised by Select Industrial Partners Fund IV, a fund managed by Penwood Real Estate Investment Management. Penwood closed on March 30 with $250 million in equity commitments. The value-added fund will invest in Southern California, as well as the Port of New York and New Jersey. Cardillo says NYSTRS was interested in this fund due to its targeted industrial strategy. NYSTRS, which has a 10 percent target allocation to real estate, has committed to the three previous Penwood industrial funds.