NYSTRS backs non-core real estate funds, extends REIT account

New York State Teachers Retirement System (NYSTRS) has approved commitments worth $210m (€188.1m) for three new non-core real estate funds and has extended a management contract with Adelante Capital Management.

At its board meeting, the pension fund said it approved $50m each into Rockpoint Growth & Income Fund III and Rockpoint Real Estate Fund VI and $110m into Westbrook Real Estate Fund XI.

As previously reported, Rockpoint Group is planning a $3.25bn capital raise for its sixth opportunistic real estate fund, which will follow on from its $3.28bn predecessor.

Fund VI invests primarily in US office, apartments and hotels.

The value-add Growth & Income Fund III fund had a $1.1bn first close in January. The predecessor Growth & Income II fund raised $1.7bn in December 2017.

The Growth & Income Fund III fund will target a mixture of US office buildings and apartment at below replacement cost.

Rockpoint declined a request for comment.

NYSTRS said Westbrook Partners’ opportunity Fund XI will be seeking transactions in either Europe or the US.

The fund targets office, multi-family, retail, industrial and hotels.

Westbrook’s fundraising target is unknown, although it raised $2.85bn for its previous fund in February 2016.

The $27bn pension fund has also extended its contract with Adelante as a real estate investment trust (REIT) manager for another 12 months. The current value of the portfolio is $539m.

The account invests in a mixture of public REITs and real estate operating companies.

Related images

  • US Real Estate

Have your say

You must sign in to make a comment


Your first step in manager selection...

IPE Quest is a manager search facility that connects institutional investors and asset managers.

  • QN-2559

    Asset class: Multi Assets.
    Asset region: -.
    Size: EUR 15m (may be split into two mandates EUR 7.5m).
    Closing date: 2019-09-06.

  • QN-2560

    Asset class: Private Equity.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

  • QN-2561

    Asset class: Infrastructure.
    Asset region: Global.
    Size: $40m.
    Closing date: 2019-08-30.

Begin Your Search Now