New York State Common Retirement Fund (NYSCRF) has created a joint venture to co-invest alongside a fund managed by Stonepeak Infrastructure Partners.
The pension fund said, as a sole co-investment partner, it has approved a $100m (€85.3m) commitment alongside the Stonepeak Global Renewables Fund to set up the venture which gives NYSCRF a say in co-investment deals.
In August, IPE Real Assets reported that the pension fund was investing $250m into the Stonepeak Global Renewables Fund.
The newly created co-investment venture is expected to target returns in the range of 10% to 12%, same as the Stonepeak Global Renewables Fund.
NYSCRF said the co-invest account will not have any management fees or performance carry associated with it reducing the overall fee load for the combined $350m commitment.
NYSCRF said it has also made a $15m commitment to Otter Storage Fund II, a US self-storage fund managed by emerging manager The Macritchie Group.
“Self-storage has proven to be a recession resilient property type as the demand for it is largely driven by events uncorrelated with the strength of the economy,” NYSCRF said.
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