New York State Common Retirement Fund, Albany, committed up to $20 million to Ethos GP I Venture in November, according to a transaction report posted on its website.
The $233.2 billion pension fund's commitment was completed as a part of its emerging manager program through the Empire GCM RE Anchor Fund.
The Ethos fund, which is managed by Ethos Real Estate, will focus on investment in the "repositioning and preservation of naturally occurring affordable multifamily properties in California," according to the transaction report.
It is a new relationship for the pension fund, according to the report.
