NYSCRF commits $650m to real estate and infrastructure strategies
New York State Common Retirement Fund (NYSCRF) has approved $650m (€567m) of new commitments into real estate and infrastructure strategies.
The $213bn pension fund said it will put $150m into Heitman’s HVP IV Sidecar I and $200m into Artemis Real Estate Partners Income and Growth Fund, as well as make a $300m investment into ISQ Global Infrastructure Fund II.
As previously reported, NYSCRF approved a $150m commitment to Heitman Value Partners IV, a value-added real estate fund. The latest commitment is to make co-investments alongside the fund.
The pension fund told IPE Real Assets that the sidecar investments are limited to alternative property types in which the manager has delivered strong returns in the past and to which the pension fund has limited exposure.
HVP IV Sidecar I will target property types like self-storage, student accommodation, senior housing, medical office and single-family homes for rent.
The sidecar offers more favourable economics than the pension fund’s investment in HVP IV itself, the pension fund said.
The Artemis Real Estate Partners fund has a core-plus strategy and will target US assets.
The fund seeks to generate current income and capital appreciation by investing in strategic joint ventures with a combination of either emerging or diverse operating partners.
As reported last month, I Squared Capital’s second global infrastructure fund has raised $7bn at final close.
The pension fund’s commitment will add to the 100 institutional investors who backed the fund.
I Squared Capital will focus on mid-market deals in the energy, utilities and transportation sectors.
ISQ Fund II will invest in value-add infrastructure assets predominantly in North America and Europe, with the potential to include some growth markets in Latin America and Asia.