Connecticut Retirement Plans and Trust Funds is looking to invest $400m (€372m) in US real estate funds, according to the pension funds board meeting document.
The pension fund is considering placing $200m each into Sterling Value Add Partners IV and the Artemis Real Estate Partners Income and Growth Fund II, funds managed by The Sterling Organization and Artemis Real Estate Partners respectively.
Sterling is seeking to raise $500m with a $600m hard cap to invest in value-add retail properties with a primary focus on shopping centres.
Including the potential commitment from Connecticut Retirement, the Sterling fund has received $213m and has $385m more in tentative agreements.
IPE Real Assets understands that the commitment to the Artemis fund has been approved by the pension fund. Artemis declined a request for comment.
According to Connecticut Retirement, Artemis had closed on $406m of commitments to the fund as of February this year.
As previously reported, Artemis is seeking to raise $1bn for its latest US real estate fund.
The hard cap on the fund is set at $1.5bn, according to Connecticut Retirement’s meeting document.
Artemis has secured roughly $900m in commitments to its fund. The manager is expected to hold a final closing in the third quarter of this year, although legal documents allow for an extension to the fundraising period, which could push the closing to the first quarter of 2025.
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