New York State Teachers鈥� Retirement System (NYSTRS) has hired CBRE Global Investors as a separate account manager for the first time.
The pension fund told 麻豆映画 Real Estate that it had hired the investment manager for a non-discretionary strategy to invest in core-plus real estate in the US.
NYSTRS said: 鈥淭here is no set allocation. They were hired as an adviser to source and manage transactions as attractive deals become available.鈥�
The pension fund鈥檚 previous investments with CBRE Global Investors were all done through close-ended value-add and opportunistic funds.
NYSTRS has also reduced its real estate debt target allocation from 8% to 7%. The move will enable it to create a 1% private debt allocation.
The pension fund said: 鈥淭his is a logical rebalancing of the system鈥檚 private debt portfolio based on the current yields available in the first-mortgage space.鈥�
NYSTRS has significant room to invest more capital into real estate debt. At the middle of this year, real estate debt accounted for approximately 4.5% of the pension fund鈥檚 total portfolio.
