New York State Common Retirement Fund has (NYSCRF) has made doubled its commitment to Black Creek Industrial Fund, investing a further $200m (€169.9m) in the open-ended US industrial property fund.
The $254.8bn pension fund, which issued an initial $200m commitment to the Black Creek Group fund in June last year, told IPE Real Assets that “the Black Creek Industrial Fund has outperformed our expectations and Black Creek as a firm has a history of outperformance.”
The US core-plus industrial fund is targeting returns in the range of 9% to 10.5%, according to sources.
As of the first quarter of the year, the fund’s net asset value was $1.22bn.
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