Kansas Public Employees Retirement System (PERS) has increased its investment in JP Morgan Asset Management’s Strategic Property Fund.

The pension fund told IPE Real Assets that it had approved a new $60m (€51.5m) commitment to the open-ended US property fund.

Kansas PERS intially invested in the fund in 2014, when it earmarked a commitment of $125m.

At the end of last year, the pension fund’s investment in Strategic Property Fund was valued at $208m.

The net internal rate of return on the investment has been 9.1%.

The investment in Strategic Property makes up 16% of the pension fund’s $1.29bn core real estate portfolio.

Kansas PERS is close to allocating all of the $125m it set aside for core real estate in 2018. Earlier this year it approved a $60m commitment into PRISA, PGIM Real Estate’s flagship core open-ended fund.

Kansas PERS also planned to invest up to $120m in non-core real estate this year. It has so far committed $50m to Waterton Residential Property Venture XIII.

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