Arizona State Retirement System (ASRS) has revealed to IPE Real Assets that it has allocated $400m for a new US industrial separate account relationship with Westcore.
Last week, IPE Real Assets reported that Westcore had garnered $550m capital from an unnamed US state pension fund and a national insurance company.
The two new separate account clients will enable Westcore to acquire up to $1.25bn worth of US industrial assets.
ASRS, which is investing with Westcore for the first time, said together with leverage, its separate account with Westcore will have a capitalisation of $800m.
The pension fund said it has set a 12.5% net internal rate of return target for the account.
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