Indiana PRS backs new Related fund with $100m

Indiana Public Retirement System (PRS) has approved a $100m (€92.5m) commitment to Related Fund Management’s latest opportunistic real estate fund.

The pension fund said it has backed Related Realty Fund IV, the latest vehicle in a fund series known for deploying most, if not all, of its capital in the US, with non-US exposure limited to 15%.

The fund, which targets a mixture of property types expects to make purchases with cash and a loan-to-value of 65%.

Indiana PRS said it has also approved a €50m commitment to the ICG Real Estate Co-Invest programme. The capital will be used to invest in US real estate alongside Intermediate Capital Group’s ICG Real Estate Opportunities fund.

In November last year, Indiana PRS approved a $100m commitment directly into ICG Real Estate Opportunities, a fund that targets value-add and opportunistic investments between €50-150m of equity, primarily across France, Germany and the UK.

The pension fund also said it approved a $25m co-investment alongside the Longpoint Fund III fund. Last year Indiana PRS approved a $50m commitment directly into the Longpoint Fund III fund.

Longpoint Realty Partners raised $940m at the final close of the fund in October last year.

Longpoint Fund III targets small to medium-sized industrial assets in primary US markets, including Atlanta, Boston, Dallas, New York/New Jersey, South Florida, Southern California and Washington DC/Baltimore.

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