Artemis Real Estate Partners has raised around $1.5bn (€1.3bn) for the Artemis Real Estate Partners Fund V, according to an email by the New York State Common Retirement Fund, seen by IPE Real Assets.
The fund manager has set a targeted capital raise of $2.5bn.
New York Common has approved a $300m commitment into the fund. The pension fund is expecting Fund V will invest in mid-market real estate and real estate-related businesses in the US through debt and equity transactions.
The property types the fund will invest in include a mixture of industrial, residential, and alternative sectors.
Artemis Real Estate Partners declined to comment about the situation.
New York Common also added to its real estate portfolio with two new separate account transactions totaling $258m.
One of the deals was for $143m to acquire the 520,000sqft Ontario Mills industrial property in the Inland Empire West submarket in Southern California.
The seller of the asset was Blackstone, and the property is 100% leased to Owens & Minor.
The other acquisition was the purchase of the 212-unit 674-bed Skyloft student housing complex in Austin, Texas for $115.9m, according to information provided by the pension fund.
The investment was completed through a joint venture with Subtext, and the pension fund was represented in the transaction by BlackRock.
The property is located close to the main campus of the University of Texas. It is currently over 95% leased and was built in 2018.
New York Common has added one new manager to its emerging manager programme for its real estate portfolio. This was a commitment of $6.3m into the Hyperion I commingled fund managed by Hyperion Realty Capital.
The fund will target the purchase of grocery-anchored retail centres in the western region of the US.
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