New York State Common Retirement Fund (NYSCRF) has expanded its real estate emerging manager programme with two investments.
The pension fund has approved a $10m (€8.5m) commitment to Locus Point Capital’s Locust Point Seniors Housing Debt Fund II fund and a $20m commitment to NB Partners II, a Northbridge Partners US industrial fund seeking a $300m capital raise.
The commitment to the Locus Point debt fund is NYSCRF’s first-ever investment with the manager.
Debt Fund II, which targets 16% to 18% gross internal rate of returns, will be pursuing subordinate debt, mezzanine, bridge loans and preferred equity financing for acquisitions, refinancing, new construction and renovations in the senior housing and care industries.
The latest emerging manager real estate commitment amount is equal to a previous investment reported in July when NYSCRF approved $15m investments each into the value-add Davis Investment Ventures Fund IV fund and the Brasa Credit I debt fund.
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