NYSTRS puts $300m into Brookfield and Gaw Capital real estate funds

New York State Teachers Retirement System (NYSTRS) is investing $300m in three real estate funds managed by Brookfield Asset Management and Gaw Capital Partners.

The pension fund told IPE Real Assets that it will commit $100m to Brookfield Strategic Real Estate Partners III (BSREP III), $100m to Brookfield Senior Mezzanine Real Estate Finance Fund and $100m to Gaw’s Gateway Real Estate Fund VI.

IPE Real Assets reported earlier this year that Brookfield had raised $9.04bn for BSREP III. The fund is targeting $10bn.

NYSTRS, which is for the first time backing Brookfield’s global opportunity fund series, said its decision to invest in BSREP III is due to the manager’s “ability to grow its presence globally and achieve consistently positive performance”.

As previously reported, Brookfield’s open-ended real estate debt fund is looking to raise $1bn. Brookfield Senior Mezzanine Finance Fund will focus on a mixture of office, multi-family, industrial, hotel and retail assets in the US.

Gateway Fund VI will invest a variety of non-core real estate deals in Asia-Pacific.

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