New York State Common Retirement Fund (NYSCRF) has made $1.4bn (€1.3bn) worth of real estate and infrastructure commitments through investments in funds.
The pension fund disclosed in its transaction report for May that it committed €320m to the Ares European Property Enhancement Fund IV fund and invested €100m into a co-investment vehicle that invests alongside the Ares fund.
As previously reported, the $2bn Fund IV plans to build a portfolio of 15-20 assets and aims for net returns of 10-12%.
The fund targets a mixture of value-add income-producing industrial and residential properties by investing capital expenditures to increase property value through improvements, new leases, and tenant space adjustments.
For infrastructure, which sits within NYSCRF’s real assets portfolio, the pension fund revealed a €300m commitment to both the Copenhagen Infrastructure Fund V and a separate co-investment fund associated with it.
In addition to the Copenhagen Infrastructure Partners funds, NYSCRF allocated another $300m to the Stonepeak Infrastructure Fund V fund.
As previously reported, the Stonepeak is seeking to raise $15bn for Fund V, a fund planning to make 12 to 15 investments in North American companies in energy transition, transportation, logistics, and communications, with each deal ranging from $500m to $1.5bn and to be held for 5-7 years.
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