Maine Public Employees Retirement System (PERS) has approved a $200m (€172m) commitment to the Hines US Property Partners (HUSPP) fund, according to people familiar with the matter.
Maine PERS did not respond to a request for comment.
Hines recently raised an initial $750m for its new US flagship core-plus, open-ended real estate fund.
According to sources, the manager is planning to acquire an apartment complex in Austin as its first transaction.
HUSPP expects to invest across the living, industrial, office and mixed-use sectors, as well as select niche sectors, such as life sciences and self-storage, to construct a diversified portfolio that targets a balance of yield and growth.
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