New York State Common Retirement Fund (NYSCRF) has approved a $300m (€257m) to an Artemis Real Estate Partners-managed US healthcare property fund.
The pension fund told IPE Real Assets that it expects accelerated growth in the healthcare sector as demographic trends bolster demand.
“Within the US, longer life expectancies, an ageing population, and the intentional shift in care standard, following the COVID-19 pandemic, support the need for up-to-date care facilities and senior communities,” NYSCRF added.
As previously reported in November, Artemis Real Estate’s latest US healthcare property vehicle had secured $1.4bn in capital commitments.
Boston Retirement System also disclosed in a board meeting document that it made a $20m commitment to the fund.
Artemis Real Estate Partners declined a request for comment.
NYSCRF said it also acquired the 458,707sqft Seattle Gateway I and II industrial portfolio in the US for $88.1m. Located in the Seattle suburb of Kent, the investment was completed via a separate account deal with LaSalle Investment Management.
“The Kent Valley serves as a vital distribution hub for the Pacific Northwest. It is connected regionally and nationally via Interstate freeways, BNSF and Union Pacific rail networks, SeaTac International Airport, and is located between the ports of Seattle and Tacoma.” the pension fund said.
NYSCRF said it also expanded its emerging manager programme with a $10m commitment to the America South Real Estate Fund III fund.
The fund’s manager, America South Capital Partners, is seeking to raise $500m to provide preferred equity and mezzanine debt for affordable and workforce housing projects across the Southern US.
To read the latest IPE Real Assets magazine click here.
