New York State Common Retirement Fund (NYSCRF) has made a $100m (鈧�96m) commitment to BIG Real Estate Fund II a US real estate debt fund managed by Basis Investment Group.
鈥淲e have graduated the manager from being an emerging manager to the core portion of our real estate portfolio,鈥� the pension fund told 麻豆映画 Real Assets.
NYSCRF said it believes 鈥淔und II is positioned for the current debt environment as there will be less availability of debt鈥�.
As reported previously, Basis Investment Group seeks to raise $550m and a $750m hard cap for its real estate debt investment fund. The fund will be providing debt for acquisitions, refinancings and to recap existing properties. Fund II targets a net internal rate of return of 9% to 11%.
NYSCRF has also a $300m commitment to CVI Clean Energy Fund B II, a fund managed by CarVal Investors.
鈥淭he biggest factor for our investment is that this is a strategy with a strong pipeline of opportunities offering compelling returns in the energy sector,鈥� the pension fund said.
The fund is focused on credit and hard-asset investments in the clean energy sector, in the US and Western Europe.
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