NYSCRF commits $456.3 million to Artemis, Basis and Hyperion real estate funds

The New York State Common Retirement Fund committed $456.3 million to Artemis Real Estate Partners, Basis Investment Group and Hyperion Realty Capital, IREI first reported. The allocations were $300 million, $150 million and $6.3 million, respectively.

Artemis Real Estate Partners Fund V takes the $300 million for a closed-end, value-add, opportunistic strategy. It spans apartments, office, industrial, healthcare, self-storage, hotels and retail in the United States. The fund's maximum size is $2.5 billion, so NYSCRF's check equals 12 percent of the cap. The Illinois Municipal Retirement Fund committed $50 million to the same fund in September 2026, a sixth of NYSCRF's check. The predecessor, Fund IV, closed at $2.2 billion, oversubscribed against an initial $1.5 billion target.

The $150 million for BIG Real Estate Fund is roughly 14 percent of that vehicle's $1.1 billion goal. Basis Investment Group runs the fund as a real estate debt strategy. It finances acquisitions, refinancings and recapitalizations through bridge loans, mezzanine and preferred equity, structured equity, B-piece instruments and distressed debt across the United States.

Hyperion Grocery Retail Partners III received $6.3 million, just over 3 percent of its $200 million goal. GCM Grosvenor formed the vehicle with the manager and anchored it with up to $100 million. The strategy targets value-add, grocery-anchored shopping centers across the western United States. IREI reported in September that the anchor commitment came with a board seat. GCM's $100 million at launch is as much as half the fund's stated goal.