New York State Common Retirement Fund (NYCRF) has added Proteus MHP to its emerging manager real estate programme with a $10m (€8.5m) commitment.
IPE Real Assets understands that NYCRF’s investment is part of a $60m total equity capital provided to Proteus by various GCM Grosvenor clients.
The capital will be used to create a joint venture with Proteus, providing over $150m in buying power to acquire and operate US-manufactured housing communities.
NYCR expects the capital will focus on investments in the Midwest and Sun Belt regions. The venture with Proteus aims for value-add returns with an expected net internal rate of return of 11% to 13%.
Proteus currently owns and operates 21 manufactured housing communities in the US with a focus on the areas of the Southeast and Great Plains regions.
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