New York State Common Retirement Fund (NYSCRF) is acquiring a single-family rental asset in the southeastern US in a $62.3m (€58m) forward funding deal.
The pension fund is acquiring the 175-unit The Preserve at Poinciana single-family rental development in Poinciana, Florida through an existing separate account managed by Heitman.
NYSCRF told IPE Real Assets that “the US has a significant housing shortage and the high cost of home ownership has increased demand for rental properties.”
The pension has also invested in infrastructure funds through its real asset portfolio by making a $275m commitment to DigitalBridge Partners III and placing $200m into Carlyle Renewable & Sustainable Energy Fund II.
The commitment to the DigitalBridge Partners represents a new relationship for the pension fund.
“The investment in the commingled fund will provide the real assets portfolio exposure to a dedicated data infrastructure manager with a strong track record in the sector,” the pension fund said.
DigitalBridge is known as a global investor in digital infrastructure, with targeted sectors including data centres, fibre, macro cell towers, edge infrastructure and small cell towers.
Carlyle’s renewable energy fund targets OECD countries, with up to 70% of investments expected in North America and Europe. The fund will focus on mid-market wind, solar, industrial applications, and electric vehicle infrastructure projects.
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