New York State Common Retirement Fund has backed Basis Investment Group with $200m (€174.8m) across two new US real estate commitments.
The allocation includes a $150m commitment to BIG Real Estate Fund III, a fund seeking to raise of $1.1bn. Basis Investment Group has secured 87% of the target fundraising to date.
New York State Common placed $50m into BIG Venture III, which will co-invest alongside Fund III in affordable housing transactions.
Fund III’s target assets include industrial, multi-family, hospitality, office and retail.
It will provide financing for acquisitions, refinancings and recapitalisations via bridge loans, mezzanine and preferred equity, structured equity, B-piece instruments and distressed debt.
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