Exeter Property Group has raised $1.15bn (€1.08bn) for its fourth fund.

The US-focused Exeter Industrial Value Fund IV is oversubscribed, according to a board meeting document from Texas Permanent School Fund, which is investing $75m in the fund.

A second recent commitment of $100m has been approved by the New York State Teachers Retirement System (NYSTRS).

Around 50% of the capital will be invested in ‘big box’ logistics warehouses, with another 40% in ‘last mile’ assets and the rest in light manufacturing properties.

The fund will buy and develop assets in San Francisco, Chicago, Dallas, South Florida, Indianapolis and Washington DC.

Pension fund adviser Courtland Partners said up to $400m of commitments into the fund were from its clients and that Exeter is a proven manager of industrial assets.

All of its previous three funds have been first-quartile performers on both an IRR and an equity multiplier basis.

Texas Permanent was under-allocated to industrial real estate before approving the commitment, with industrial assets making up 10% of its $2.1bn real estate portfolio.

The commitment approved by NYSTRS into Exeter Fund IV was one of two commitments made to industrial funds by the pension fund. It also approved a $100m commitment to Cabot Industrial Value Fund V.