Maryland State Retirement and Pension System (SRPS) has added Nuveen Real Estate to its line-up, backing the manager’s open-ended US Cities Retail Fund (USCRF) with a $100m (€86.6m) commitment, according to the pension fund’s board meeting documents.
The pension fund’s late-March commitment comes in addition to a previously announced $330m raise for USCRF, which was anchored by a $250m allocation from Australia’s Rest Super.
USCRF, which is benchmarked against the Open-End Diversified Core Equity index, targets necessity-based neighbourhood retail properties anchored by grocery and daily-needs tenants.
The fund held a portfolio of 10 retail properties through March this year, with an additional five assets recently secured for inclusion, according to a limited partner.
Existing assets in the fund are located across markets, including Austin, Philadelphia and San Diego.
Nuveen declined a request for comment.
Maryland SRPS has also expanded its infrastructure allocation with a $200m commitment to I Squared Global Infrastructure Fund IV, I Squared Capital’s latest global infrastructure fund.
The pension fund previously allocated $120m to I Squared Capital’s predecessor fund ISQ Fund III, in 2022.
ISQ Fund III has generated a net internal rate of return of 12.54% since inception for Maryland SRPS, and remains part of the pension fund’s $884m infrastructure portfolio.
To read the latest IPE Real Assets magazine click here.
