DivcoWest has established a fundraising limit of $2.25bn (€2.03bn) for DivcoWest Fund VI, which invests in US value-add real estate, according to a board meeting document from the New Jersey Division of Investment.

DivcoWest declined to comment.

NJ Division of Investment is proposing a $100m commitment to the fund, which would be the first time it had invested with DivcoWest.

According to sources, District of Columbia Retirement Board recently made a $40m commitment to the fund.

NJ Division of Investment said DivcoWest had shown strong performance through various market cycles, including DivcoWest Fund II which was a top-quartile performer during the global financial crisis.

Fund VI will mostly invest in office, R&D and lab properties in the US.

New Jersey is expecting a 7% preferred return on its potential investment.