New York State Common Retirement Fund (NYSCRF) has become the latest US pension fund to back Exeter Property’s latest European logistics fund.
NYSCRF said it has approved a €200m commitment to Exeter Europe Logistics Value Fund IV, a value-add fund targeting a €1.25bn fundraise.
The pension fund told IPE Real Assets that it made the commitment to the Exeter fund because it wanted additional exposure to the industrial property sector and non-US investments.
“The industrial property sector is expected to be the best performing real estate sectors in Europe,” NYSCRF said.
As previously reported, the fund has received capital commitments from US investors including the New Mexico State Investment Council, Teachers’ Retirement System of Louisiana and Los Angeles Fire and Police Pensions.
The fund also recently received a commitment from New York State Teachers Retirement System.
According to industry sources, the fund targets assets that can produce a mid-double-digit range net internal rate of returns.
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