New Mexico Educational Retirement Board (NMERB) is for the first time investing in European industrial assets by backing Realterm Logistics’s debut European fund, according to people familiar with the matter.

IPE Real Assets understands that NMERB approved a $50m (€44m) commitment to Realterm European Logistics I at its board meeting this week.

Realterm, which commenced the fundraising for the fund this year, declined a request for comment.

It is expected to raise at least $100m, according to sources.

NMERB is also making a commitment of least $25m to Realterm Logistics III, a fund that invests in value-add assets in the US. The pension fund has $50m invested in the two previous funds.