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New York State Common sets $350M for Westbrook Partners, terminates MSIM

by trusted insight posted 6years ago 6385 views
New York State Common Retirement Fund, Albany, committed up to $350 million to Westbrook Partners and terminated a $1.66 billion Morgan Stanley (MS) Investment Management active international equity separate account according to Pensions & Investments. 

The $183.5 billion pension fund committed $200 million to Westbrook Real Estate Fund X. The fund “intends to create a well-diversified portfolio primarily of existing properties well located in gateway markets globally,” said Matthew Sweeney, a spokesman for state Comptroller Thomas DiNapoli, in an e-mail. “It will look to acquire all major property types, (such as) office, multifamily/residential, hospitality, retail and industrial.”

Mr. DiNapoli is the sole trustee of the New York State Common Retirement Fund.

In addition, the pension fund will commit up to $150 million for a co-investment with the Westbrook fund.

The New York pension fund has done business with Westbrook for nearly 20 years, investing a total of $635 million in eight Westbrook funds, Mr. Sweeney added.

Separately, Mr. Sweeney said the Morgan Stanley termination reflected a “strategic reallocation … The capital was reassigned to cash and passive strategies.”

Matt Burkhard, a spokesman for Morgan Stanley, declined to comment.