NYSTRS commits €200m to Aermont’s sixth Europe real estate fund

New York State Teachers’ Retirement System (NYSTRS) has committed €200m to Aermont Capital’s sixth European real estate fund, as part of $720.6m (€615.1m) investments completed by the pension fund via its real estate portfolio during the first quarter of 2026.

The $154bn pension fund disclosed in a board meeting that it has committed the capital to Aermont Capital Real Estate Fund VI, an opportunistic fund with an undisclosed fundraising target.

Aermont Capital raised €3.8bn for the predecessor fund in the series, which closed in September 2022.

During the first quarter of 2026, NYSTRS placed $150m into Blackstone Infrastructure Partners and $100m into KKR Global Infrastructure Investors V via its real estate portfolio.

The pension fund also issued its first-ever real estate commitment with Raith Capital Partners by making a $75m commitment to Raith Real Estate Fund IV, a real estate debt fund with a targeted capital raise of $700m, according to sources familiar with the fund.

Raith Real Estate’s debt fund targets a net internal rate of return of 12% to 14% by investing primarily in industrial and residential assets. The vehicle also considers opportunities across retail, industrial outdoor storage, data centres and self-storage.

NYSTRS expanded its relationship with Cabot Partners by making a $150m commitment to Cabot Industrial Value Fund VIII.

The pension fund also closed an $11.6m transaction to acquire Kettler’s 5% joint venture interest in two apartment complexes located in Columbia, Maryland.

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