The New York State Teachers' Retirement System, Albany, approved three real estate commitments totaling $250 million, according to a report to the system's governing board at its quarterly meeting Oct. 26.
Rules of the $132 billion system allow Thomas Lee, the executive director and CIO, to approve commitments under certain circumstances without a board vote.
Raith Capital Partners received $150 million for its Raith Real Estate Debt Separate Account. This is an add-on to an original commitment of $200 million, Heidi Brennan, a pension system spokesperson, wrote in an email.
Penwood Real Estate Investment Management received $50 million for Penwood Select Industrial Partners VII. This fund "will target acquisitions or development of warehouse, distribution, light assembly/manufacturing, cold storage, outdoor storage, truck terminal and other logistics-related industrial properties," Brennan wrote. The fund will focus on certain markets in Southern California, metropolitan Las Vegas, New Jersey and Pennsylvania. Penwood has an existing relationship with the pension system.
Pennybacker Capital also got $50 million for investment in Pennybacker VI, which "will target acquisitions and developments in diversified property types through both equity and debt positions," Brennan wrote. Pennybacker also has an existing relationship with the system.