US - The Arizona State Retirement System (ASRS) has become the latest investor in Rothschild Realty's Five Arrows Realty Securities IV fund.

The €22bn pension scheme has made a $75m (€64.1m) commitment. Gary Dokes, ASRS' chief investment officer, said: "We feel their investment strategy is a unique one for the marketplace.

"They will not be competing with all of the core real estate capital now in the marketplace. And their alignment of interests is very strong."

Rothschild Realty doesn't buy new properties. It makes investments in a variety of public and private real estate companies around the country. Its two investments to date have been with a shopping centre company in the southeast, Victory Real Estate Investments, and a hotel company known as Encore Hospitality. There will be a third investment before the fund closes in the next few weeks.

Rothschild Reality and its principals have put up $11.5m as a co-investment in the fund. Those participating included Matt Kaplan and Pike Aloian.

Rothschild Realty has raised $445m of equity for the commingled fund. It has attracted capital from some major US public and corporate pension funds.

These have included Ohio Public Employees Retirement System, the corporate pension fund of Quest Communications, New Mexico State Investment Council and Alaska State Pension Investment Board.