New York State Common Retirement Fund (NYSCRF) has committed a further $400m (€371.5m) to its emerging manager programme with Artemis Real Estate Partners.
The $268bn pension fund’s commitment to NYSCRF Frontier Mach III builds on prior investments of $300m to Mach I in 2012 and $500m to Mach II in 2014.
NYSCRF told IPE Real Assets that it has given Artemis full investment discretion on the new capital, allowing the manager to make final investment decisions without the aid of the pension fund. The capital is expected to be invested in core-plus real estate.
Artemis did not respond to a request for comment.
NYSCRF’s emerging managers programme seeks to invest in real estate strategies managed by firms not currently in their portfolio, with the hope of expanding the relationships in the future.
Investments can be structured as either funds or joint ventures. Previous allocations within the programme have typically ranged from $10m to $20m.
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