IPI Partners has set a $4bn (€3.9bn) fundraising target for its latest data centre fund, according to a potential investor.
The Connecticut Retirement Plans and Trust Funds (CRPTF) disclosed in a meeting document that it is considering making a $125m commitment to IPI Partners III, a fund which mainly invests in data centres and some technology connectivity-related assets.
IPI Partners will back the fund with a $40m co-investment or 1% of the fund’s total capital raised.
The fund, which will target stabilised assets as well as some value-add and development projects in OECD counties, will consider investing up to 25% of its capital in non-OECD nations.
The IPI Partners fund targets a 10% to 14% internal rate of return with leverage of up to 65%.
CRPTF is also considering a $125m commitment into the Artemis Real Estate Partners Fund IV, a fund which has already raised $1.3bn of its $1.5bn target with a $1.8bn hard cap.
Artemis Real Estate Partners is issuing a $75m co-investment into the fund which targets value-add acquisitions in the US.
CRPTF also disclosed that it is considering making a $100m commitment to the IFM Global Infrastructure Fund.
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