New York State Common Retirement Fund (NYSCRF) has hired Fundamental Advisors to invest $375m (€343m) opportunistically in a range of real assets.
The Fundamental Empire Fund will be managed exclusively for NYSCRF and its primary focus will be on affordable and workforce housing, renewable energy, infrastructure and municipal assets.
It is the first time that the pension fund has made an investment with Fundamental Advisors.
NYSCRF also confirmed to IPE Real Assets two other real assets fund investments totalling $500m, including a $250m commitment to the Stonepeak Opportunities Fund, which invest in mid-market infrastructure assets.
Stonepeak Partners declined to comment.
The other investment was a $250m commitment to Castlelake Aviation V Stable Yield, a fund that will invest in aircraft, including sale-and-leaseback transactions and debt.
NYSCRF also acquired an apartment complex for $88.3m. The Holston, a 238-unit property in Weaverville, North Carolina, was purchased for a separate account managed by LaSalle Investment Management, which did not respond to a request for comment.
The pension fund has also added American South Fund Management to its emerging manager programme for real estate with a $15m commitment to the American South Real Estate Fund II.
The fund will invest through preferred equity and mezzanine debt in the affordable housing sector in the southern region of the US.