Illinois Municipal Retirement Fund (IMRF) is committing $75m (€68.2m) to Oak Street Real Estate Capital’s latest net-lease real estate fund.

The pension fund confirmed it is investing in Oak Street Real Estate Capital Fund V – a fund reportedly seeking to raise $2bn – having committed capital to the previous vehicle last year.

IMRF will be one of the first investors in the new fund which will target buildings let to single tenants on long leases, including office, industrial and retail assets.

Oak Street Real Estate Capital does not comment on fundraising, but last year IPE Real Assets reported that it raised $1.25bn for Fund IV.

Interest in net-lease real estate strategies among US pension funds has increased in recent years.