Maine Public Employees Retirement System (PERS) is backing KKR’s second European real estate fund as an early investor.
The $14.6bn pension fund said it had approved a $25m (€22.3m) commitment to the KKR Real Estate Partners Europe II, which targets opportunistic investments primarily in Western Europe.
Maine PERS previously invested $50m in the predecessor fund, which raised $739m in 2016.
It is currently unknown how much KKR plans to raise for the latest fund and KKR does not comment while forming a new vehicle.
As at the first quarter of 2019, Maine PERS had invested 8.3% of its assets in real estate, below its 10% target.