The New York State Common Retirement Fund, Albany, made a $600 million commitment to the Fairfield Create Core Multifamily Fund, according to the website of Thomas DiNapoli, the New York state comptroller and sole trustee of the $225.9 billion pension fund.
The transaction took place in May.
The Fairfield Create Core Multifamily Fund, managed by Fairfield Residential, "is an opportunistic fund targeting development to long-term hold of apartment complexes," the website said.
The fund is structured with the New York pension fund as the lead investor and another unnamed institutional limited partner, the website said. Fairfield Residential is an existing relationship with the pension fund.