New York State Common Retirement Fund (NYSCRF) has issued a €200m commitment to NREP’s latest value-add Nordics real estate fund.
The pension fund said it is backing the Nordic Strategies Fund IV, an opportunistic fund seeking a $1.8bn (€1.5bn) capital raise. The fund targets a gross internal rate of return target of 17%.
“This investment provides the NYSCRF access to a region that has maintained stable macroeconomic factors that continue to support strong real estate market fundamentals. In addition, the NYSCRF will be investing with a local operator in the Nordics that has a long history of successfully investing in the region,” the pension fund said.
NYSCRF said it has also made a $150m commitment to the Cortland Enhanced Value Fund V, a value-add US apartment fund managed by Cortland.
SEC filing published last month showed that Cortland Enhanced Value Fund V, which is raising $650m, has raised $307m from unnamed backers.
To read the digital edition of the latest IPE Real Assets magazine click here.