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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 of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.