In a relatively quiet month for the New York State Common Retirement Fund, the pension giant earmarked nearly $300 million across several real estate investments in January and committed a $25.5 million investment to a firm in its Emerging Manager Program.
The pension fund committed the lion’s share of its monthly real estate investments—$250 million—to the KKR Real Estate Partners Americas IV fund, managed by Kohlberg Kravis Roberts. The fund is a closed-end, diversified, opportunistic fund that targets primarily transitional assets, real estate companies and platforms, and distressed or complex situations.
Also within its real estate portfolio, a little more than $22.6 million went to fund a renovation project in Johnson City, New York, that will feature 156 residential units and 107 indoor parking spaces.
Approximately $7.4 million will go toward a gut rehab in Poughkeepsie, New York, that includes 28 residential units and 30,600 square feet of ground floor commercial space.
The pension fund also committed more than $1.8 million toward the construction of a four-story building in Ithaca, New York, containing 42 residential rental units for individuals and families.
More than $1.5 million is going toward the gut rehab of a three-story building in Penn Yann, New York, that includes eight residential units and approximately 10,000 square feet of commercial space.
Under its Emerging Manager Program, which aims to invest in newer, smaller and diverse investment management firms, the pension fund committed $25.5 million to the Lone View Capital Fund I, which is advised by HarbourVest Partners, a partner within the program’s private equity asset class. The fund will primarily make control buyouts investments in growth-oriented companies within the enterprise software, information service and tech sectors in North America. Lone View Capital marks a new relationship for pension fund.
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Tags: emerging managers program, New York State Common Retirement Fund (NYCRF), Pension Funds, Real Estate