Maryland State Retirement and Pension System (SRPS) has approved $275m (€254.8m) worth of commitments to a Black Creek US industrial fund and an AEW Capital Management US senior housing fund.
In a meeting document, the pension fund said it has approved a $200m commitment to the core-plus/value-add Black Creek Industrial Fund and $75m to the opportunistic AEW Senior Living Investors IV fund.
As previously reported, Black Creek raised more than $1bn for the fund as of the end of 2019.
The San Antonio Fire and Police Pension Fund, an investor in the Black Creek industrial fund, said in a meeting document that the Black fund targets a net internal rate of return (IRR) of 9% to 10.5%.
According to sources, the capital invested by Maryland SRPS in the AEW fund was part of the fund’s current $424m of closed commitments.
Investors IV is targeting a $500m fundraise and expects to achieve net IRRs in the range of 12% to 13%.
A previous version of this story incorrectly attributed the Black Creek fund’s target IRR to Maryland SRPS.