New York State Common Retirement Fund (NYSCRF) has approved a $400m (€345.1m) commitment to Brookfield Asset Management’s global opportunistic real estate fund.
The $268bn (€232.5bn) pension fund said it has backed Brookfield Strategic Real Estate Partners IV (BSREP IV), a fund seeking a $17bn capital raise to invest in a mixture of properties and real estate operating companies.
NYSCRF told IPE Real Assets that the investment strategy of BSREP IV is focused on acquiring high-quality companies and assets on a value basis.
“Given this strategy, there are few managers with Brookfield’s capabilities to successfully execute. The hallmark of Brookfield’s capabilities is the extensive operations-oriented approach that has allowed the firm to successfully generate attractive risk-adjusted returns even during economic downturns.”
NYSCRF has also made a commitment to its real estate emerging manager programme via a $15m investment into the Brasa Credit II fund.
The Brasa Capital fund is focused on originating stretch senior and mezzanine debt and preferred equity which is backed by US commercial real estate.
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