New York State Teachers Retirement System (NYSTRS) has approved a $150m (€135.7m) commitment to an industrial real estate fund managed by Cabot Properties.
The $122.5bn by the pension fund said it is investing the capital in Cabot Industrial Value Fund VI, a fund for which Cabot is seeking to raise $800m.
The fund will mostly invest in the US by targetting a mixture of stabilised properties, assets that need to be repositioned or providing equity to build new industrial properties.
NYSTRS told IPE Real Assets that Cabot has over 30 years of proven performance investing in the industrial sector and has “demonstrated the ability to realise positive risk-adjusted returns over multiple market cycles”.
Prior to the latest commitment, NYSTRS has made seven commitments to Cabot’s value fund series and core funds totalling $600m.
NYSTRS said it has renewed a $1.6bn Cohen & Steers relationship which targets real estate investment trusts and real estate operating companies.