EQT Exeter is seeking to raise $2.5bn (€2.2bn) for its latest core US industrial fund according to an investor.

The Tennessee Consolidated Retirement System (TCRS) told IPE Real Assets that it has approved a $200m commitment to the Exeter Core Industrial Club Fund IV fund.

TCRS, which previously backed the predecessor Exeter Core Industrial Club Fund III fund, said: “Exeter has been one of TCRS’ best performing managers and the industrial sector continues to exhibit strong tailwinds.”

The previous fund in the series raised $1.3bn in October 2019.

According to the pension fund, the new fund expects net internal rate of returns in the range of 8% to 10%.

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