The New York State Common Retirement Fund, Albany, made up to $568 million in commitments among four real estate and one absolute return investments, according to the website of Thomas DiNapoli, the state comptroller and sole trustee of the $216.3 billion pension fund. All commitments were made in August.
The real estate commitments were:
Nordic Strategies Fund IV for €200 million ($238 million). "A closed-ended diversified opportunistic fund," it invests in commercial and residential real estate in Sweden, Norway, Denmark and Finland, the website said. The fund is managed by NREP, a new relationship for the pension fund.
- Cortland Enhanced Value Fund V for $150 million. A closed-end commingled fund, it buys and operates "suburban garden style apartments primarily in the Southeast and Southwest U.S. markets," the website said. Cortland is a new relationship.
- NB Partners Fund III for up to $20 million made through the Empire GCM RE Anchor Fund, and advised by GCM Grosvenor, an emerging manager program partner with the pension fund. NB Partners Fund III is a real estate joint venture sponsored by NorthBridge Partners. It will acquire or small to midsize warehouses near urban areas "to take advantage of the significant demand resulting from the dramatic shift from retail to e-commerce," the website said. NorthBridge is a new relationship.
- Locust Point Seniors Housing Debt Fund II for up to $10 million also made through the Empire GCM RE Anchor Fund. It will "pursue subordinate debt, mezzanine, bridge loans, and preferred equity financing for acquisitions, refinancing, new construction, and renovations in the senior housing and care industries," the website said. Locust Point Capital is a new relationship.
The absolute return commitment was made to Insight Partners Opportunities Fund I, for $150 million. "Insight will target minority, structured preferred equity positions in leading, sponsor, venture capital or founder-owned companies primarily in the U.S.," the website said. Insight Partners is an existing relationship.