New York State Teachers Retirement System (NYSTRS) has approved a $100m (€91.2m) commitment to FCP’s latest US value-add real estate fund.
The pension fund disclosed in a meeting document that it has placed the capital into FCP Realty Fund VI.
As previously reported, FCP is seeking to raise $1.65bn for Fund VI which is expected to mainly target multifamily assets with a secondary focus on commercial properties such as office, life science and mixed-use.
NYSTRS said it has also received a $14.3m redemption from one of its open-ended funds. NYSTRS did not disclose the name of the fund.
The pension fund has also renewed contracts with four global real estate investment trust (REIT) managers. The managers, Heitman, Brookfield Investment Management, AEW and Dimensional Fund Advisors, are benchmarked against the FTSE EPRA/NAREIT Developed Unhedged Index.
The pension fund also extended its domestic REIT relationship with Heitman. The strategy also includes investing capital in real estate operating companies.
NYSTRS also renewed a contract with Prima Capital Advisors. The Prima relationship invests in US commercial mortgage-backed securities and private real estate debt.
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