New York State Common Retirement Fund (NYSCRF) was one of the last investors to take part in the final closing of the Westbrook Real Estate Fund XI.

The pension fund approved a $300m (€281m) investment at the end February, according to a report on its website.

Westbrook concluded its $2.54bn capital raise in the same month, according to sources the track capital raising, exceeding its $2.5bn target but below its hard cap of $2.95bn.

NYSCRF has committed $200m directly to the fund and $100m to a co-investment vehicle.

The pension fund told IPE Real Assets: “Recent Westbrook funds have performed in line with our expectations, while maintaining relatively limited leverage and a lower risk profile.”

NYSCRF said the new fund is targeting a mid-teens internal rate of return by investing in traditional property types in in North America, Europe and Japan.

The pension fund also approved a $100m for co-investment alongside the Brookfield Infrastructure Fund IV.

The pension fund has already committed $500m directly to the fund.

NYSCRF said the new commitment was consistent with its “strategic goals” as it “provides exposure to a superior infrastructure manager providing scale and an extensive renewable energy track record”.

The co-investment capital will be invested in renewables, targeting a net return of 10%.