The Indiana Public Retirement System has added Rockpoint Group as a manager for its value-add fund series.

The investor confirmed it approved a $50m (€47.2m) commitment to the Rockpoint Growth and Income Fund II fund.

Indiana said the investment was a “good fit” with its overall asset allocation and investment objectives.

The pension fund’s real estate portfolio, valued at $1.6bn in October 2016, made up 6.4% of its total plan assets.

The targeted allocation for real estate is 7%.

Rockpoint Fund II will have a four-year investment period for the 10-year fund, which has two two-year extension options.

All of the capital for Fund II will be invested in the US.

The main focus will be on East and West Coast markets such as New York, Boston, Washington DC and San Francisco.

A significant amount of the capital for Fund II will be invested in existing office and apartment assets.

The fund will be investing in high-quality assets with in-place cash flows that afford opportunities to create value through lower-risk asset management initiatives.