Indiana Public Retirement System (PRS) has backed a high street retail fund managed by Ardian.

In a document summarising its recent investments and terminations, the pension fund disclosed that it has committed €50m to Ardian Project Egide, a global fund that mainly invests in New York and Paris.

The fund’s target capital raise is currently unknown. Ardian declined a request for comment.

Indiana PRS also disclosed approving two new co-investments within its real assets portfolio by committing $15m (€13.9m) each to the Longpoint South Florida Logistics Portfolio and the Basalt Project Loop Co-Investment funds to invest alongside Longpoint Fund III and Basalt Infrastructure Partners IV, respectively.

Longpoint Realty Partners raised $940m in October 2023 at the final close of its third institutional fund.

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.

The commitment to Basalt Project Loop Co-Investment follows a May 2024 investment by the pension fund, which included a $100m  direct investment into the Basalt Infrastructure Partners-managed Partners IV fund and an additional $50m for the co-investment.

As previously reported, Basalt is seeking to raise $4bn for Fund IV to invest in a mixture of core-plus and value-add infrastructure assets globally.

To read the latest IPE Real Assets magazine click here.