Teachers’ Retirement System of Louisiana (TRSL) has approved a €115m commitment to EQT Exeter’s latest European logistics fund.
The $27bn (€24.4bn) pension fund disclosed in a board meeting document that it has committed the capital to EQT Exeter Europe Logistics Value Fund V, contingent on the investment being no more than 10% of the fund’s total capital.
TRSL’s real estate investment consultant Hamilton Lane, disclosed in the document that EQT Exeter is seeking to raise €2.5bn for the value-add fund.
The previous fund in the series, EQT Exeter Europe Logistics Value Fund IV, closed at its €2.1bn hard cap in July 2021.
Fund V’s investment strategy will mostly include acquiring and operating single-tenant, modern logistics assets including big-box, mid-box and last-mile facilities.
EQT Exeter expects to use a combination of cash and up to 65% leverage when acquiring properties for the fund.
Fund V is expected to make between 100 and 125 investments, with a projected holding period of three to five years for each asset.
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