New York State Common Retirement Fund (NYSCRF) has issued $1.3bn (€1.12bn) worth of commitments into real estate funds.
NYSCRF has for the first time backed Ventas with a $300m commitment to the Ventas Life Science and Healthcare Real Estate Fund, placed $400m into the Cortland Growth and Income Fund and invested $300m each into the JPM Star Lake Fund IV and Blackstone Real Estate Partners Asia III funds.
The pension fund told IPE Real Assets that “Ventas is a large and successful S&P 500 company focused on healthcare real estate with an extensive portfolio of seniors housing, medical office, life science facilities and other healthcare properties.”
Ventas has a 20-plus year track record and a “deep network of industry participants”, NYSCRF said, and also added that the healthcare sector, in particular, is supported by strong long-term demographic drivers.
Ventas did not respond to a request for comment.
The $280bn pension fund said the commitment to the open-ended Cortland US multifamily real estate fund, “provides exposure to an attractive asset class with a vertically integrated operator with a strong track record”.
Cortland did not respond to a request for comment.
JP Morgan Real Estate’s JPM Star Lake Fund IV is a fund-of-one that invests in a variety of value-add real estate assets that can generate a 13% internal rate of return.
As reported recently, Blackstone has so far raised over two-thirds of an expected $9bn fundraise for its latest Asia real estate fund, according to an investor’s meeting document.
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