The New Jersey Division of Investment is investing $100m (€90m) in a Europe-focused fund managed by PW Real Assets, formerly Perella Weinberg.

The US pension fund committed the capital to the company’s Real Estate Fund III, a €1.25bn-1.5bn fund targeting the UK, France, Germany and Spain, as well as assets in Portugal, Ireland and Central and Eastern Europe.

The fund, an independent entity, is not sponsored by the Perella Weinberg group, from which PW Real Assets was spun out in July.

Fund III, considered a non-core vehicle by New Jersey, has a preferred 9% return to limited partners.

The fund is investing in single-asset acquisitions, portfolio transactions, redevelopments and developments, as well as corporate property divestitures, operating platform investments and distressed credit.

Bressler is co-investing €17m, with three other executives adding €1m each.

Leverage is between 55% and 60%.

In some cases, the manager will buy assets without debt.

New Jersey has invested in Perella Weinberg Real Estate Fund I before.

In a board meeting document, it said the fund had been among the best performing 2007 vintage funds focusing on Europe, with a net 15% IRR.