State of Michigan Retirement System is for the first time investing capital in a Europe-only real estate fund with a €75m commitment to a BentallGreenOak fund.

The pension fund said in a meeting document that it is backing the GreenOak Europe Fund III fund, and told IPE Real Assets that the commitment is the first European fund that SMRS has committed to.

According to sources, the value-add Europe III fund, which seeks a €1bn hard cap fundraise target, raised €783m during a third close in April this year.

According to the pension fund’s meeting document, the fund will mainly target logistics assets, and some office and residential real estate.

SMRS has also approved a $50m (€44.4m) commitment to ArcLight Energy Partners VII, a fund which raised $3.4bn at its final close in February this year. The fund seeks to invest in North America energy and power infrastructure assets.

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