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Alternative Assets  + Real Estate  | 
NY State Retirement Invests $20M in Two RE Funds

NY State Retirement Invests $20M in Two RE Funds

The New York State Common Retirement Fund made two real estate investments in November totaling $20 million, according to recently released financial disclosures.

The investments made by the $242 billion pension fund are managed by existing managers in the portfolio.

A $10 million commitment was made to Mandrake Capital Real Estate Fund II through the Empire GCM RE Anchor Fund managed by GCM Grosvenor. Mandrake Capital Real Estate Fund II strategy will focus on the build-to-rent sector and special situation opportunities in the U.S. commercial and residential real estate markets.

Another $10 million was invested with Grandview Property Partners‘ Grandview Joint Venture III also through the Empire GCM RE Anchor Fund. Grandview JV III will pursue industrial and residential investments across the U.S.

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New York State Common Retirement Fund

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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