Alex Brown Realty (ABR) is planning to raise $300m (€266m) for its latest value-add real estate fund.

According to sources, the company’s ABR Chesapeake Investors VI fund has a $400m hard cap.

ABR, which declined a request for comment, is known for buying a mid-sized of US real estate assets, often in the range of $20m to $40m.

US pension Santa Barbara County Employees Retirement System (SBCERS) stated in a board meeting document that it had approved a $10m investment in the fund.

The $3bn pension fund said it is planning to issue $50m of real estate fund commitments this year, most of which will be for non-core strategies.

SBCERS is considering redeeming capital from core open-ended funds, the details of which are yet to be disclosed.