Virginia Retirement System has disclosed approving a $125m (€117.2m) commitment to Meadow Real Estate Fund VI, marking the pension fund’s first investment with Meadow Partners.

According to sources Fund VI is targeting a $600m capital raise and will invest in opportunistic real estate in select global gateway cities, primarily London and New York City.

The fund is expected to target multifamily, industrial and distressed debt recapitalisation transactions.

Virginia Retirement also terminated a separate account managed by Schroders within its credit strategies portfolio, valued at $140m.

The pension fund said the investment no longer fit within the portfolio’s strategy and that the capital will be placed into the cash sector of its investment portfolio.

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