Investors - MAY 13, 2014

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NYSTRS invests $100m in real estate, renews REIT managers

by Reg Clodfelter

The $104.3 billion New York State Teachers’ Retirement System was active with its real estate portfolio at a recent board meeting, investing $100 million in a separate account with Grosvenor Capital Management Customized Fund Investment Group and renewing agreements with three of its REIT/REOC managers.

The separate account, titled CFIG-NYSTRS Real Estate Investment Partners, will use a value-added/opportunistic strategy with emerging manager funds and co-investments, with a focus on women- and minority-run firms. 

“Grosvenor has a dedicated and experienced real estate team that specializes in emerging manager space, flexible investment types and access to emerging manager and MWBE space,” says Heidi Brennan, coordinator of public information with NYSTRS.

The separate account, which will have a small co-investment from Grosvenor, will

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