
North Carolina Pension Commits $500M to Real Estate, Credit Funds
The North Carolina Retirement System has committed to two new funds totaling $500 million within its non-core real estate and opportunistic fixed-income investment programs.
Centerbridge Capital Partners, a multi-strategy private investment firm, will manage a $300 million commitment to its Centerbridge Special Credit Partners IV Co-Invest fund within the pensions’ fixed income program. Pension officials reported in February that another $965 million has yet to be deployed in the program.
A $200 million investment in real estate fund RXR Realty’s RXR NC Development Partners 1 was also announced, with another $1.7 billion to deploy in non-core real estate.
The $109 billion state pension system has allocations of $2.4 billion and $6.9 billion to non-core real estate and opportunistic fixed-income programs, respectively. Non-core real estate was one of the pension system’s top performing strategies in 2022, returning 6.6% annually. Meanwhile, its fixed-income program was down 1.91% in 2022.
