New York State Common Retirement Fund (NYSCRF) has issued a $400m (€381m) allocation to GCM Grosvenor as part of the pension fund’s real estate allocation to its emerging manager programme.
The pension fund said it has allocated the capital to the GCM Grosvenor Empire II and has also added Matter Real Estate to the programme by approving a $25m commitment to the Matter Real Estate Fund II fund.
The Matter Real Estate fund targets assets like single-family build-to-rent, affordable residential, senior/student housing and healthcare real estate.
NYSCRF told IPE Real Assets that the Matter Real Estate fund gives the pension fund the opportunity to invest in “early-stage real estate platforms in residential and care subsectors in Northern and Western Europe”.
NYSCRF said it made a $350m commitment to the EQT Exeter Industrial Value Fund VI fund.
The pension fund said it also made three deals worth $170.9m in total as part of a separate account relationship with Heitman Capital Management.
The Heitman separate account deals include investing $67.5m to buy a four-property self-storage portfolio in Texas and investing $59m to buy three self-storage properties located in Philadelphia, St Louis and Portland. Both deals were made in an 80:20 joint venture with Life Storage.
The third Heitman separate account deal was a $44.4m investment to buy the North Cypress Doctors Pavilion III medical office building in Cypress, Texas. The property 107,560sqft was acquired in a 99:1 joint venture with NexCore Group.
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