New York State Common Retirement Fund (NYSCRF) has approved a $250m (€233.2m) commitment into a real estate fund managed by KSL Capital Partners.
The pension fund said it has placed the capital into KSL Capital Partners Tactical Opportunities Fund II.
KSL Capital, a private equity firm specialising in travel and leisure investments, is seeking to raise $1bn for the fund to invest in credit, debt securities, equity and equity-linked securities globally.
NYSCRF told IPE Real Assets that “the fund offers us the opportunity to re-up with a proven specialist fund manager to be part of the travel and leisure space.”
NYSCRF expects the fund to generate 13% to 15% net returns.
NYSCRF has also made a $10m commitment to the Brasa Real Estate Fund III through pension fund’s real estate emerging manager programme.
Brasa Capital has set a $750m target for Fund III.
“Brasa’s flexible mandate allows for it to invest in debt and equity investments across all property types,” the pension fund said.
Fund III expects to generate 13% to 15% net returns.
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