New York State Teachers Retirement System (NYSTRS) has made $700m (€606.3m) worth of transactions within its real estate portfolio, the pension fund disclosed in a meeting document.
NYSTRS said it placed $300m into a separate account with Prima Capital Advisors, made a $200m private real estate debt investment and awarded $200m of new capital to its non-core emerging managers programme for real estate debt and equity.
The new capital for the Prima separate account will be invested in a mixture of commercial mortgage-backed security and private real estate debt.
NYSTRS committed the $200m in a first mortgage on the Park 151 apartment complex located in Cambridge, Massachusetts, further diversifying its private real estate debt portfolio. IPE Real Assets understands that the Park 151 apartment complex is owned by Divco West.
The remaining $200m was directed towards the pension fund’s emerging managers programme, with a strategic focus on allocating 50% of the capital to partnerships led by women and minorities.
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