NYS Pension Continues Allocations to Real Estate, Real Assets
The real estate portfolio of the $242 billion New York State Common Retirement Fund has consistently seen activity throughout the year despite challenges facing the asset class.
Antin Infrastructure Partners saw a $107 million commitment to its AIP Co-Invest 2023B. The closed-end fund targets infrastructure investments in energy/ environment, telecom, transport and social. The fund will invest alongside its predecessor fund, which has targeted $10.6 billion and was at its halfway point last year. New York State Common allocated $174 million to the AIP Fund V earlier this year.
In September, a direct investment totaling over $40 million was made to BlueLinx Industrial Storage, an industrial facility in the suburbs of Atlanta. Made through a JPM separate account, the commitment follows a $111 million investment in an industrial development for a Lowe’s Bulk Distribution Center in Savanna, GA in August.
Industrial and R&D real estate assets total roughly $9 billion and are the largest sector in New York’s growing $25 billion real estate portfolio that saw gains of 5.66% for the fiscal year ended March 30.