NY Common Commits $276M to Real Estate, Tech
The New York State Common Retirement Fund has invested $276 million in two alternative asset funds, including a new vehicle from private equity giant KKR.
The $260 billion pension fund committed $250 million to KKR’s Real Estate Partners Americas IV, an opportunistic fund that focuses on transitional assets, real estate companies, and distressed or complex circumstances.
The firm has not set a fundraising goal for its fourth Americas-focused real estate fund, but it has grown the strategy’s size over the years, closing its predecessor at $4.3 billion, more than double the $2 billion it raised for Fund II.
Fund IV had not made any commitments as of its launch in December, according to an SEC filing, which likely indicates that KKR expects the raise to last beyond 12 months.
New York Common made a modest $26 million investment in a debut fund through a new partnership with Los Angeles-based technology investor Lone View Capital. Lone View had already raised over $466 million for the fund after more than a year of fundraising.
The new round of funding was raised through the pension’s Pioneer Partnership Fund A-III, a closed-end separate account advised by HarbourVest Partners.