New York State Common Retirement Fund (NYSCRF) has issued $1.5bn (€1.47bn) worth of commitments to core open-ended real estate funds.
The $272bn pension fund said it has backed the Principal US Property Separate Account, the JP Morgan Strategic Property Fund and the PRISA funds with a $500m commitment each.
According to NYSCRF, the Principal US Property Separate Account has demonstrated a history of long-term performance and to allocate strategically.
The Principal US Property Account, which has a net asset value of $13.3bn, currently plans to be overweight to industrial and also seeks to target some data centres and multifamily assets.
The JP Morgan Strategic Property Fund recently recorded a 20% reduction to its allocation to retail as it sold over $2bn of neighbourhood shopping centres. The fund’s portfolio includes single-family rental and industrial assets.
PRISA, managed by PGIM Real Estate, mainly invests in the four main property types but also has some exposure to self-storage.
The pension fund said it also made a $200m commitment to the Fairfield US Multifamily Core Plus Fund II and placed $500m into the Blackstone Real Estate Partners X fund.
NYSCRF also made a $16m commitment to the BIG Equity Value-Add Fund II as part of the pension fund’s emerging manager programme. The fund will invest in middle market value-add and opportunistic commercial real estate assets in the US.
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