Nordic Real Estate Partners (NREP) is planning to raise €900m for its third value-add fund, according to an investor.

Sacramento County Employees’ Retirement System (SCERS) said it has approved a $40m (€32.5m) commitment to NREP Nordic Strategies Fund III.

NREP declined a request for comment when contacted. An SEC filing late-last year did not disclose any financial information.

The fund manager raised €600m for NREP Nordic Strategies Fund II a couple of years ago. All of the capital for this fund has either been invested or been committed to new investments.

Sacramento County made a $35m commitment into Fund II in 2016 and $16.4n into Fund I in 2014.

All of the funds in the series have a value-add strategy and are focused on Nordic countries.

Fund III will target existing assets as well as providing forward commitments to new development projects.