T
he New York State Common Retirement Fund (NYCRF) has invested $10m in Proteus MHP as part of its emerging manager real estate programme. This investment is a component of a larger $60m equity capital commitment from various GCM Grosvenor clients to Proteus.
The NYCRF's funds will be used to establish a joint venture with Proteus, providing over $150m in purchasing power for acquiring and operating US-manufactured housing communities. The focus will be on the Midwest and Sun Belt regions, targeting value-add returns with an expected net internal rate of return of 11-13%.
Proteus currently manages 21 manufactured housing communities across the US, primarily in the Southeast and Great Plains areas.
