NY Retirement Fund Pledges $550M to Real Estate, PE

The New York State Common Retirement Fund, with roughly $260 billion in assets, has earmarked $550 million for two funds.

The pension fund has committed up to $400 million to the NYSCRF Frontier Mach III, a real estate core plus fund managed by Artemis Real Estate Partners.

In February, the Maryland-based firm filed with the Securities and Exchange Commission to begin fundraising for the retail sector-focused fund, but it did not specify a target amount.

Frontier Mach III, part of a strategy of separate account funds for developing managers, is expected to outperform its two earlier vehicles, which raised $300 million and $500 million, respectively.

B Capital Group, led by Facebook founder Eduardo Saverin, received a $150 million commitment for its sophomore opportunities fund. Last month, the commingled vehicle closed at $750 million, almost doubling the $360 million raised by its predecessor.

Opportunities Fund II will make primary and secondary investments in late-stage firms in technology, healthcare, and climate technology across North America and Asia.