A US public pension fund has revealed that DRA Advisors and Cabot Properties are seeking to raise $1.65bn (€1.48bn) and $800m, respectively, for their latest value-add real estate funds.

Pennsylvania Public School Employees Retirement System (PSERS) said in a board meeting document that it has approved two $100m commitments to DRA Growth and Income Fund X and Cabot Industrial Value VI.

The report discloses that DRA Advisors will co-invest at least $20m and plans to reach a final close by April next year.

Cabot’s industrial-focused fund, which will invest predominently in north America, is expected to hold a first close in October.

The $56.7bn pension fund also approved a $100m commitment to Bell Institutional Fund VII.

Bell Partners is reportedly seeking to raise $800m for the apartments-focused fund.