NYSTRS places $400m into three opportunistic real estate funds

New York State Teachers Retirement System (NYSTRS) has approved commitments worth $400m (€349.9m) for three opportunistic real estate funds.

The $121bn pension fund is putting $100m into Lone Star Fund XI, $100m into Angelo Gordon’s AG Realty Value Fund X fund and $200m into Blackstone Real Estate Partners IX.

Lone Star’s Fund XI seeks to find distressed or debt investment opportunities with a primary focus being residential assets in Europe and US. The fund raised $2.99bn during its first close in October last year.

According to sources that track fundraising, Angelo Gordon had raised $1.8bn at first close in August of last year. Value Fund X plans to raise $2.5bn.

NYSTRS said Value Fund X will focus on sub-performing real estate properties across a broad range of geographical markets and property types with a goal to create value and improve performance.

As previously reported, Blackstone’s latest global real estate fund is expected to raise $20bn.

NYSTRS said it has renewed a $550m relationship with BlackRock which invests and manages capital for commercial mortgage-backed securities.

The pension fund has also extended a $1.4bn Cohen & Steers relationship which targets real estate investment trusts and real estate operating companies.

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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