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.