NYSCRF Commits Over $1B to Real Estate, Private Equity

The New York State Common Retirement Fund (NYSCRF), which oversees $248 billion in assets, added multiple real estate and private equity investments to its portfolio, according to a newly released financial report.

Within real estate, NYSCRF officials pledged $300 million to the Asana Partners-managed Asana Partners Select Fund, a fund-of-one structure that invests in core and core-plus retail and mixed-use properties in urban and near-urban neighborhoods across the United States.

NYSCRF also committed $400 million to refinance an existing debt secured by the building and land at 754 Fifth Avenue in New York City and home of the famous Bergdorf Goodman department store.

A $111 million allocation was made to the Lowe’s Bulk Distribution Center, which was arranged by MetLife Investment Management. The newly developed 1.2 million square foot industrial building is located in Savannah, GA and is 100% leased to Lowe’s Companies.

The value of industrial and R&D real estate assets in New York is around $9 billion, making it the largest sector in the city’s $25 billion real estate portfolio.

A total of $525 million was committed across existing manager relationships in private equity and opportunistic absolute return strategies.

PSG VI, a fund aimed at software and tech-enabled enterprises in the B2B-software, cybersecurity, big data, and artificial intelligence sectors, received a $250 million commitment

The 57 Stars Global Opportunity Fund (NYSCRF) was given $175 million. The fund is focused on emerging market co-investment deals in companies in “emerging Europe.”

Morgan Stanley Investment Management’s North Haven Tactical Value Fund II Co-Investment Excelsior LP received a $100 million commitment through the opportunistic absolute return program. The vehicle is a fund-of-one focused on co-investment opportunities.