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Alternative Assets  + Private Equity  + Real Estate  | 
NY Retirement Fund Pledges $550M to Real Estate, PE

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.

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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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