New York State Common Retirement Fund has approved a $400m (€378.9m) commitment to a global cold storage warehouse fund managed by Westport Capital Partners.
The commitment to the WCP NewCold III fund marks the pension fund’s first partnership with Westport Capital and its debut investment in a fund dedicated exclusively to cold storage.
New York Common holds indirect ownership of other cold storage assets through a combination of stocks in listed companies, separate accounts and diversified funds.
The pension told IPE Real Assets that “the investment is particularly attractive because the CRF will be investing at the holding company level, including its existing portfolio assets, and its intellectual property”.
New York Common has also made a $250m commitment to the Fairfield US Multifamily Value-Add Fund IV and made a $150m co-investment into a sidecar associated with the Fairfield Residential fund.
The pension, through a separate account managed by JP Morgan Asset Management, acquired the 164-unit Tamarron Homes SFR community in Katy, Texas, for $49.6m.
Additionally, the pension fund via a Clarion Partners managed separate account, acquired the 207-unit The Aster apartment complex in Dallas’s Turtle Creek suburb.
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