The California Public Employees' Retirement System (CalPERS) has set up a fund with GI Partners to acquire data centres and other "technology advanced properties" in the US.
The $500m (€394m) TechCore fund will aim to purchase data centres, internet gateways, corporate campuses for technology tenants, and life science properties located in core metropolitan cities with strong tenants.
Joe Dear, chief investment officer at CalPERS, said: "This partnership represents the next generation of innovative investments to come in core real estate that is wired and ready to support the technology."
The new fund follows previous partnerships between CalPERS and GI Partners, including the GI Partners Fund I, which the pension fund committed $500m in capital to in 2001.
The $235bn pension fund committed additional capital to GI Partners Funds II and III and has awarded GI Partners select separate account mandates including CalEast Global Logistics, a logistics real estate owner and operator.
Ted Eliopoulos, senior investment officer for real assets at CalPERS, said: "We are pleased to further expand our relationship with GI Partners with the TechCore commitment.
"We believe the firm's experience, network and investment discipline will prove successful."