A data centre fund managed by IPI Partners has received a further $325m (€303.9m) worth of capital commitments from two more US public pension funds.
The Virginia Retirement System and the Pennsylvania State Employees Retirement System (SERS) made a $225m and $100m commitment respectively to IPI Partners III, according to each pension fund’s board meeting document.
IPI Partners III, which is seeking to raise $4bn, is expected to have its final close this month.
NEPC, the real estate consultant for Pennsylvania SERS disclosed in the meeting document that the fund has a $6bn hard cap target.
As previously reported, the data centre fund received a $50m commitment from San Joaquin County Employees’ Retirement Association.
New Mexico State Investment Council approved $350m to the fund and the Connecticut Retirement Plans and Trust Funds also disclosed in a meeting document that it was considering making a $125m commitment to the value-add fund.
The fund, which will target stabilised assets as well as some value-add and development projects in OECD countries, will consider investing up to 25% of its capital in non-OECD nations.
Virigina Retirement System also disclosed it made a $150m investment via its real assets portfolio into Pretium Single-Family Rental Fund VI, a fund that will be investing in newly built single-family homes in the US.
According to an SEC filing, Pretium had at the beginning of April raised $906m for Fund VI.
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