NY State Fund Commits $610 Million in January

The nation’s third-largest pension fund, the $154.5 billion New York State Common Retirement Fund (CRF), closed 19 new investment transactions totaling more than $610 million and €110 million (Euro) in cash and commitments during January, according to a monthly transaction released by State Comptroller Thomas P. DiNapoli. The fund closed five real estate transactions.

The CRF invests with real estate opportunity funds, affordable housing, mortgages and joint ventures with a property-specific mandate. Significant activity includes new commitments to general partners, investing through joint ventures and affordable mortgages, as well as selling assets.

Its two largest investments in January included a $285 million commitment to JP Morgan Star Lake Fund I, with which CRF has been an investor since 1995, and a $200 million commitment to Rockpoint Real Estate Fund III. CRF has been an investor with Rockpoint since 2005.

The CRF funded two affordable housing properties with the Community Preservation Corporation, in Middletown, N.Y. and in Syracuse, totaling $851,534. The fund also invested $15.1 million through its joint venture with Fairfield Residential to purchase the Glen Park at West Campus Apartments in Federal Way, Washington. The acquisition cost to the venture was $72.9 million. Fairfield Residential has been a joint venture partner with CRF since 2002.

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