NYSTRS adds $300m to Brookfield mandate

The New York State Teachers’ Retirement System has committed an additional $300 million to a nondiscretionary separate account managed by Brookfield, according to John Cardillo, manager of public information with the pension plan.

The separate account, which is focused on first-mortgage loans and subordinate debt, received $350 million form NYSTRS in October 2015. The separate account targets high-quality U.S. properties with a primary focus on office, industrial, multifamily and retail, and is considered a relatively conservative strategy.

NYSTRS feels Brookfield’s strategy is well positioned for current real estate market conditions, said Cardillo in an email.

The pension plan has committed more than $1 billion to Brookfield in the past, starting with a $360 million commitment to BP Office Properties in 2006.

As of June 30, NYSTRS had 11.1 percent of its $107 billion in assets invested in real estate, above its 10 percent target