Investors Diversified Realty has now raised $1.5bn (€1.35bn) for its Core Property Index Fund, according to sources familiar with the matter.

The fund of funds – which tracks an index of core real estate funds in the US – has a total of 12 institutional investors, including a $990m from Teacher Retirement System of Texas and a $250m contribution from the Los Angeles County Employees Retirement Association.

Next year, the open-ended fund intends to open up to non-US investors.  The manager plans to eventually raise no less than $5bn.

The index fund will provide exposure to most of the 24 funds, which together manage $260bn assets, that are part of the NFI-ODCE Index.

Investors Realty declined a request for comment.