The New York State Common Retirement Fund (NYSCRF) disclosed up to $765.2 million in U.S. real estate commitments and property acquisitions spanning middle-market debt and equity, affordable housing, student housing, industrial properties and grocery-anchored retail centers.
According to its July and August transaction disclosures, the pension fund committed $300 million to Artemis Real Estate Partners Fund V, which targets debt and equity investments in middle-market real estate and real estate-related businesses across the U.S. The investment closed Aug. 10 and builds on the pension fund’s existing relationship with Artemis Real Estate Partners.
NYSCRF also committed $200 million across two vehicles managed by Basis Investment Group, an existing investment manager. The larger allocation, $150 million, went to BIG Real Estate Fund III, which pursues real estate debt investments across U.S. markets and property types. An additional $50 million went to BIG Venture III, which invests alongside BIG Real Estate Fund III transactions focused on affordable housing. Both investments closed July 1.
The pension fund also committed up to $6.3 million to Hyperion I through the Empire GCM RE Anchor Fund, with GCM Grosvenor serving as its emerging manager program partner in real estate. Hyperion’s strategy targets grocery-anchored retail centers in the western U.S. The investment closed Aug. 21 and establishes a new manager relationship for NYSCRF.
Separately, the pension fund reported two property acquisitions through its Real Estate Separate Account Program in August, with a combined reported acquisition value of approximately $258.9 million. The first, Skyloft, is a 212-unit, 674-bed student housing property in Austin, Texas, acquired for a reported $115.9 million through a joint venture advised by BlackRock. The acquisition closed Aug. 13. The second, Ontario Mills, is a fully leased, 520,000-square-foot industrial property on 25 acres in California’s Inland Empire West submarket. The property was acquired for a reported $143 million in a transaction advised by J.P. Morgan Investment Management that closed Aug. 18.
NYSCRF’s long-term policy targets are 12% for real estate and 4% for real assets. Combined, the two represented 14.3% of its portfolio as of March 31, 2026.
The pension fund had an estimated $309.7 billion in assets as of June 30, 2026, following a 6.12% investment return during the first quarter of its fiscal year.
