Kansas Public Employees Retirement System (PERS) has approved a $100m (€85.1m) commitment to Morgan Stanley’s core open-ended US fund.

The amount being invested in the Morgan Stanley Prime Property Fund follows the pension fund’s initial $50m investment in 2013 and a $65m commitment two years ago.

The commitment from Kansas PERS will be the pension fund’s first real estate commitment this year as the pension fund plans to invest up to $500m in the asset class in 2021.

The Prime Property Fund had an entry queue of $892m and no exit queue through September of last year, according to a report by RVK for the Ohio Bureau of Workers Compensation.

As previously reported, the Prime Property Fund outperformed the ODCE index over the past nine years.

Morgan Stanley declined a request for comment.

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