New York State Common Retirement Fund (NYSCRF) has approved a $300m (鈧�246.9m) commitment into Investment Management鈥檚 core open-end US real estate fund.
The pension fund told 麻豆映画 Real Assets that the investment to LaSalle Property Fund provides consistent real estate beta access with strong income returns, 鈥渁s the fund has consistently beaten the ODCE benchmark since inception in 2010鈥�.
鈥淭he portfolio is an attractive collection of assets that are strategically diversified across property types and geographical locations.鈥�
The fund is diversified in some non-traditional property types like life sciences and medical office buildings and has no regional mall exposure. It has a current gross asset value of $6.3bn and no exit queue.
Prior to NYSCRF鈥檚 commitment approval, the fund had a $142m entry queue.
LaSalle declined a request for comment.
The pension fund has also approved a $200m commitment to the Oaktree Real Estate Opportunities Fund VIII fund and a $150m commitment to the Kayne Anderson Real Estate Partners VI fund.
鈥淭he Oaktree fund鈥檚 strategy includes opportunistic equity and credit/debt investments that we believe are appropriate for the current market conditions,鈥� NYSCRF said.
NYSCRF said after spending considerable time researching alternative real estate sectors (healthcare, student housing, and self-storage) and talking to various investment managers, it believes that Kayne Anderson gives the pension fund the opportunity to invest with a proven owner/operator of alternative real estate properties.
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