North Dakota State Investment Board has made a $75m (€63.8m) commitment to Ares Management Corporation’s latest value-add US real estate fund.
The pension fund disclosed in a board meeting document that the commitment to Ares US Real Estate Fund XI was funded by a $40m sovereign wealth allocation via the Legacy Fund and $35m from the Pension Pool on behalf of the Teachers and Public Employees retirement systems.
According to sources familiar with the matter, Ares is nearing the $2.6bn hard cap for the fund and expects to reach this limit during the first half of 2026.
Ares raised $1.8bn for US Real Estate Fund X, the previous value-add fund in the series, in October 2022.
The fund primarily targets industrial and residential assets, as well as some alternative property types, such as student housing and self-storage.
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