US - The New York State Common Retirement Fund (CRF) announced on Friday it closed $238.2m (€178.8m) of real estate hedge fund transactions last month.
The $121.9bn pension fund closed four transactions in its absolute return strategies portfolio worth approximately $235m and a further three transactions in its property portfolio worth $3.2m.
These were affordable house properties and were transacted under the buy-sell agreement with the Community Preservation Corporation.
The pension fund built on its existing relationships within its absolute return strategies portfolio by committing $55m to Viking Global Equities III, an equity fund, $40m to the BlueTrend Fund, a tactical trading focused fund and further $40m to King Street Capital, a debt focused fund.
In addition, the CRF committed $100m to the Brevan Howard Fund, a global macro fund.
The US pension fund's target allocation to real estate is currently 6%. The fund invests in real estate opportunities, affordable housing, mortgages and joint ventures. Its joint venture property partners include Prologis Trust, General Growth Properties and AREA Property Partners, formerly know as Apollo Real Estate.
No transaction agents were used by the pension fund to carry out the deals.
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