New York State Common Retirement Fund (NYSCRF) has allocated addition capital to its long-standing real estate strategy with JP Morgan Asset Management, taking total commitments to $1.5bn (€1.36bn).
According to the pension fund’s latest transaction report, it has committed $300m to Star Lake Opportunity Fund V, the latest in a series of vehicles dating back to 2008 in which NYSCRF is the single investor.
The new fund will target a net internal rate of return of approximately 13% through investments in residential and industrial assets in primary and secondary US markets.
JP Morgan declined to comment when contacted.
NYSCRF has also increased its real estate exposure through its emerging manager programme with a $10.4m commitment to OPC Fund I, managed by OlivePoint.
Real estate fund manager OlivePoint was founded in 2022 by former CIM Group executives. Earlier this year, several US pension plans via GCM Grosvenor committed $50m to seed its debut institutional fund.
According to NYSCRF, OPC Fund I will invest in residential and industrial sectors, as well as distressed opportunities across all property types.
OlivePoint did not respond to a request for comment.
