The State Universities Retirement System (SURS) of Illinois is increasing its exposure to farmland, having moved into the asset class two years ago.

According to the pension fund, it has committed $40m (€37.6m) to the Homestead Capital USA Farmland Fund IV.

In 2020, it committed $60m to the previous fund, providing Illinois SURS its debut exposure to farmland.

The latest fund aims to make value-add investments in row and permanent croplands in the US.

Illinois SURS is also committing $60m to Longpoint Realty Fund III, which invests in infill industrial properties and neighbourhood shopping centres in densely populated markets in the US.

The pension fund hold a $50m investment in the previous fund, which raised $669m last year.