Indiana Public Retirement System (PRS) has approved a $100m (€91.2m) commitment to a US industrial fund managed by Ambrose Property.

The pension fund disclosed in a meeting document that it has backed Ambrose Fund IV as part of an opportunistic investment strategy.

Ambrose Fund IV will invest in speculative development projects and build-to-suit opportunities as it targets a mixture of industrial, logistics and e-commerce properties.

Ambrose Property did not respond to a request for comment.

Indiana PRS has also disclosed making a multifamily property investment by committing $50m to the Related Affordable Housing Fund.

The fund will be seeking to acquire, operate and preserve workforce and affordable housing properties in the US. The size of the new fund is currently unknown.

The fund’s manager Related Group did not respond to a request for comment.

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