New York State Teachers Retirement System (NYSTRS) has approved a $100m (€91.2m) commitment to FCP’s latest US value-add real estate fund.
The pension fund disclosed in a meeting document that it has placed the capital into FCP Realty Fund VI.
As previously reported, FCP is seeking to raise $1.65bn for Fund VI which is expected to mainly target multifamily assets with a secondary focus on commercial properties such as office, life science and mixed-use.
NYSTRS said it has also received a $14.3m redemption from one of its open-ended funds. NYSTRS did not disclose the name of the fund.
The pension fund has also renewed contracts with four global real estate investment trust (REIT) managers. The managers, , Brookfield Investment Management, and Dimensional Fund Advisors, are benchmarked against the FTSE EPRA/NAREIT Developed Unhedged Index.
The pension fund also extended its domestic REIT relationship with Heitman. The strategy also includes investing capital in real estate operating companies.
NYSTRS also renewed a contract with Prima Capital Advisors. The Prima relationship invests in US commercial mortgage-backed securities and private real estate debt.
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