New York State Common Retirement Fund (NYSCRF) is to invest in affordable housing in California through its emerging manager programme.

The pension fund confirmed to IPE Real Assets that it had approved a $20m (€19m) commitment to a fund managed by Ethos Real Estate.

The investment in Ethos GP I Venture is the first time the pension fund has invested with Ethos.

NYSCRF said the fund would complement its emerging manager programme due to the “experience and cohesive team that is focused on the preservation of naturally occurring affordable housing in California”.

NYSCRF said the value-add fund was “well positioned to capitalise on strong fundamentals and a positive supply/demand imbalance”.

Last year, the pension fund allocated $400m to its real estate emerging manager programme, which is overseen by GCM Grosvenor.

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