New York State Common Retirement Fund (NYSCRF) has approved a $300m (€255.9m) commitment to KKR’s latest opportunistic Americas real estate fund.
The $254.8bn pension fund said it has made the commitment to KKR Real Estate Partners Americas III.
As previously reported KKR is planning to raise up to $3.5bn for the fund and San Diego City Employees’ Retirement System’s and the New Mexico State Investment Council are considering commitments to the fund.
KKR declined a request for comment.
NYSCRF told IPE Real Assets: “This is a compelling investment given the manager’s history, track record, strong general partner commitment and diversification of transaction types with the CRF.”
NYSCRF also approved three commitments worth $500m to KSL Capital Partners real estate funds.
They include a $250m commitment to KSL Capital Partners Tactical Opportunities Fund I, $150m to KSL Capital Partners Credit Opportunities Fund III and $100m to KSL Capital Partners COTO Co-Invest 1.
“KSL is a leader in the travel and leisure real estate credit investments. The firm has a 30-year track record operating through multiple cycles. It has created value for its investments through its specialised in-house strategic operations team and its credit funds have consistently been top quartile performers,” the pension fund said.
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