The New York State Common Retirement Fund has approved a $300m (€266.3m) commitment to the Jamestown Premiere Property Fund – its first with the manager.
New York Common said Jamestown’s strategy fit well with its overall real estate portfolio.
The pension fund said the open-ended fund would seek to acquire, manage and enhance the value of cash-flowing core and core-plus investments, focusing on office, retail and mixed-use assets.
The Premiere Property Fund pursues both core and core-plus assets, focusing on San Francisco, Los Angeles, New York, Boston and Washington DC.
Jamestown recently closed the $110m acquisition of 116 New Montgomery in downtown San Francisco, as well as an $82m deal to buy the Larkspur Landing Office Park.
The property is considered a core-plus deal, with 83.7% occupancy at completion.
New York Common has also placed capital into the Dyal Capital Partners III fund in a new relationship for the investor.
The pension fund approved a $285m commitment to go directly into the fund, as well as $215m for co-investment opportunities.
Partners III targets limited partnerships investing in minority shares of investment managers.
Private real estate companies are one of the sectors the fund invests in, alongside private equity and private credit.
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