Indiana Public Retirement System (PRS) has approved a $75m (€70.5m) commitment to The Carlyle Group’s latest pan-European real estate fund.
The pension fund disclosed in a meeting document that it has backed Carlyle Europe Realty (CER) II, an opportunistic real estate fund.
CER II’s fundraising details are currently unknown.
The strategy of Carlyle’s previous fund in the series – which raised €540m at its final close in June 2019 – included establishing a number of buy-and-build platforms in key market segments, including logistics, residential, student accommodation, retail, hospitality, and co-working.
Indiana PRS said most of the investments for CER II will be with assets primarily located in developed markets in Europe like the UK, France, Italy, Spain, Ireland and Portugal.
Carlyle did not respond to a request for comment.
Indiana PRS has also placed $150m into the HIG Infrastructure Fund.
Indiana PRS told IPE Real Assets that the commitment represents a new relationship for the pension fund.
The HIG Infrastructure Fund is expected to target a middle market value-add and core-plus assets mostly located in North or South America and Europe.
The fund’s manager HIG Infrastructure is known for investing capital in power, transportation and the technology, media & telecommunication sectors.
HIG Infrastructure declined a request for comment.
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