Minnesota State Board of Investment is investing $300m (€271m) in value-added real estate strategies.

The three commitments are with managers the pension fund has not invested with in the past.

An allocation of $100m to the Rockwood Capital Real Estate Partners Fund X has been made by the fund.

Rockwood Capital Partners, which declined to comment, has planned to raise $800m for the fund.

The fund plans to generate returns of 12% to 14% through repositioning, releasing and redeveloping office, retail, hotel and multifamily residential assets.

Minnesota has also committed $100m to Angelo Gordon & Co’s AG Realty Fund IX, representing 20% of total capital raised.

The fund will invest in distressed and under-valued commercial and residential assets.  

Most of the capital will be invested in the US, with 25% allowed for investing in Europe or Asia.

A $100m commitment to the Rockpoint Real Estate Fund V has also been made.

The commitment was one of the last to go into the fund, which concluded its capital raise in April at $3.3bn.

The fund is focusing on urban assets in San Francisco, Boston, New York and Washington DC.

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