New York State Common Retirement Fund (NYSCRF) has made $808m (€732.6m) worth of real estate investments, of which $300m has been placed into a US data centre fund.
NYSCRF said it has committed the $300m to Principal Data Center Growth & Income Fund, a vehicle managed by Principal Real Estate Investors.
As previously reported, the Growth & Income Fund is currently raising capital, but the target amount is still unknown. The fund’s manager did not respond to a request for comment.
NYSCRF told IPE Real Assets that its “real estate portfolio has little exposure to the data centre sector, which the investment staff considers an attractive alternative for the CRF”.
The other investments NYSCRF made include the acquisition of the 218-unit Alta Oxbow apartment complex in Wayland, Massachusetts for $98.3m through a separate account relationship with BlackRock. The 2022-built complex was acquired from Wood Partners.
“The Alta Oxbow is located in one of the strongest apartment markets in the country and provides the CRF with an attractive opportunity to increase its multifamily allocation in a top-tier apartment market,” the pension fund said.
The pension fund has approved a $400m commitment into the Carlyle Realty Partners X, Carlyle’s lates US opportunistic real estate fund aiming to raise $8bn with a hard cap of $10bn.
NYSCRF has also expanded its real estate emerging manager programme with a $10m commitment to the Matter European Residential Platform. This capital will be managed by Matter Real Estate and will be invested in three European residential platforms alongside the Matter Real Estate Fund II.
To read the latest IPE Real Assets magazine click here.
