North Carolina Retirement Systems has committed $200m (€185.1m) to a newly created US real estate separate account relationship with RXR Realty.

The pension fund said it will hold a 99% stake in RXR Development Partners with RXR Realty owning the remaining 1% stake in the venture created to invest in mixed-use real estate development projects.

North Carolina told IPE Real Assets that RXR Realty will have full investment discretion, which enables the manager complete transaction decisions on its own without needing any approval from the pension fund.

All of the capital for RXR Development Partners will be used to acquire land and construct vertical development of projects.

RXR Realty declined a request for comment.

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