New York State Common Retirement Fund has approved a $375m (€327.8m) commitment to Brookfield Asset Management’s fifth global opportunistic real estate fund.
The pension fund said it committed the capital to the Brookfield Strategic Real Estate Partners (BSREP) V fund at the end of March. In its first-quarter 2025 results, Brookfield announced that it raised $5.9bn for the fund during the period.
This brings the total amount raised for BSREP V to nearly $16bn, surpassing its $15bn target, with final closings from private wealth clients and various global regions still expected.
Brookfield’s fourth fund in the series, BSREP IV, had a $17bn fundraising target.
The Brookfield strategic real estate partners fund series has a history of investing in a variety of property types, including office, multifamily, logistics, retail, hospitality, mixed-use and alternatives.
New York Common said it has also acquired The Colburn multi-family apartment complex in Orlando for $120.5m via a US separate account with Heitman.
The pension fund has also made a new allocation to its emerging manager programme by committing $5m to Corten Real Estate Fund III, a US debt fund focused on middle-market transactions.
To read the latest IPE Real Assets magazine click here.
