New York State Common Retirement Fund has expanded the emerging manager programme within its real estate portfolio with a $400m (€361.9m) allocation via a GCM Grosvenor-managed fund.
The US pension fund placed the capital into the Empire GCM RE Anchor Fund, a vehicle that invests alongside small, emerging and diverse US-based real estate managers.
New York Common also approved a $7.5m emerging manager commitment to Grandview IV, managed by Grandview Property Partners, which targets industrial and residential assets across US markets.
The pension fund also increased its infrastructure exposure within its real assets portfolio with a $200m commitment to SDC Digital Infrastructure Opportunity Fund V, marking its first investment with SDC Capital Partners.
Fund V targets investments across the telecommunications and technology sectors.
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