North Carolina Retirement approves $9.5bn real assets commitments

North Carolina Retirement Systems has approved $9.53bn (€8.2bn) in new commitments across real estate debt and equity, and infrastructure, according to a board meeting document.

The pension fund placed $3bn into real estate debt strategies via its credit portfolio, committing $2.1bn to the Barings-managed North Star Investment Holdings Series IV and V, and $900m to the NCRED-B relationship managed by Benefit Street Partners.

North Carolina Retirement also approved a $200m commitment to the TPG Net-Lease Co-Investment real estate separate managed account and also placed $2bn into the BlackRock Global REIT relationship.

For its infrastructure strategy, the pension fund awarded a $1.2bn separate account mandate to LS Power covering Eagle Power LP and Little Sister Road LP. North Carolina Retirement also made a $2bn public infrastructure allocation to be managed in-house.

North Carolina has committed $130m to Melange Secondary Partners II, an infrastructure fund managed by Melange Capital Partners. The fund is targeting a $700m capital raise, according to an SEC filing in July.

The pension fund also allocated $1bn to establish the NC Garnet Infrastructure Staging Portfolio, which will be managed by BlackRock.

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