Black Creek Group has so far raised $1bn (€903m) for its open-ended US industrial property fund, according to a presentation made at the San Antonio Fire and Police Pension Fund’s board meeting.

The $3.3bn pension fund is considering approving a $20m commitment to the Black Creek Industrial Fund, which has received commitments from 21 institutional investors.

It was stated during the board meeting that the core-plus fund had a current gross asset value of $350m, which is expected to rise by $400m by the end of 2019.

The fund will seek returns of 9% to 10.5% over the next five years, using between 40% and 50% in financial leverage.

The fund invests in a mixture of existing properties and new development opportunities in the US.

Black Creek does not comment on current fundraising activities.