New York State Common Retirement Fund (NYSCRF) has approved $810m (€697.6m) to four new real estate strategies.
The $273.1bn pension fund has established a new manager relationship with Jadian Capital, committing $150m to Jadian Real Estate Fund II and an additional $100m to a co-investment sidecar affiliated with the fund.
Jadian is seeking to raise $600m for Fund II to invest in non-traditional property types like industrial outdoor storage, self-storage and manufactured home sites.
NYSCRF said it also approved a $250m commitment to Kayne Anderson Real Estate Partners VII.
According to sources familiar with the fund, the manager has raised $2.5bn toward its $3bn target. The fund’s strategy primarily focuses on medical office and student housing properties, while a smaller allocation will be made to senior housing and light industrial assets.
Fund manager Kayne Anderson declined a request for comment.
NYSCRF said it issued a $300m commitment to Bell Growth & Income Fund, a fund seeking to acquire US core-plus apartment complexes.
The pension fund expanded its emerging manager programme with a first-time commitment to Zenzic.
NYSCRF said it committed $10m to the Zenzic Real Estate Credit Opportunities Fund, which specialises in deploying capital across Europe through senior debt, mezzanine and preferred equity in lower middle market properties.
| Manager | Fund Name | NYSCRF Commitment ($) | Strategy/Focus | Geography | Details |
|---|---|---|---|---|---|
| Jadian Capital | Jadian Real Estate Fund II | $150m | Non-traditional property types | US | New manager relationship. Fund II is seeking to raise a total of $600m |
| Jadian Capital | Co-investment Side-Car (Affiliated with Fund II) | $100m | Co-investment in non-traditional property types | US | Affiliated side-car to Fund II |
| Kayne Anderson | Kayne Anderson Real Estate Partners VII | $250m | Medical office and student housing; smaller allocation to senior housing and industrial | US | Manager has raised $2.5bn toward its $3bn target |
| Bell | Bell Growth & Income Fund | $300m | Core-plus apartment complexes | US | Focus is on acquiring US apartment complexes |
| Zenzic | Zenzic Real Estate Credit Opportunities Fund | $10m | Lower middle market real estate credit (senior debt, mezzanine, preferred equity) | Europe | First-time commitment under the emerging manager programme |
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