Two US pension funds have committed $110m (€98.3m) in total to AEW Capital Management’s latest opportunistic real estate fund.

The Illinois Municipal Retirement Fund and the Ohio Police & Fire Pension Fund said they have recently committed $50m and $60m each to the AEW Partners Real Estate Fund IX fund.

The fund which targets a $750m fundraise, had a first closing in April with commitments of $185m, according to capital raising sources.

According to Ohio Police & Fire, the AEW Partners IX fund will be focused on multi-family projects in North America.

The fund will target net internal rate of returns of 14% and 18% gross.

AEW did not respond to a request for comment.

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