New York State Teachers Retirement System (NYSTRS) has approved three commitments worth $250m (€236.5m) in total to US real estate equity and debt.
The commitments include issuing $50m each into the VI and the Penwood Select Industrial Partners VII funds, and a $150m allocation to the Raith Real Estate Debt Separate Account, the pension fund disclosed in a meeting document.
As previously reported, is seeking to raise $2bn for its latest US value-add real estate fund.
Earlier this month, Penwood Real Estate Investment Management’s latest US value-add industrial fund closed with $425m in capital commitments.
The separate account with Raith Capital Partners, established in 2018 with a $200m allocation, is a non-discretionary relationship, meaning NYSTRS approves each transaction for the account.
The account targets a net internal rate of return of 8% and seeks transactions in investment grade and non-investment grade commercial mortgage-backed securitisation (CMBS), B-notes, senior mezzanine loans, and preferred equity.
NYSTRS has renewed its contracts with , Brookfield, , and Dimensional Fund Advisors for global real estate investment trusts (REITs). It has also renewed its contract with Heitman for a mixed strategy of domestic REITs and real estate operating companies, and its contract with Prima Capital Advisors for US CMBS and private real estate debt.
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