Almanac Realty Investors has so far raised more than $1.5bn (€1.3bn) for its eighth fund according to one investor.

Orange County Employees Retirement System (OCERS) said in a board meeting document that it will commit $75m to Almanac Realty Securities VIII, which had already reached $1.5bn as at the end of July. Almanac Realty’s seventh fund raised $1.3bn in 2015.

As previously reported, San Diego City Employees’ Retirement System, Los Angeles Fire and Police Pensions, Nebraska Investment Council, Teacher Retirement System of Texas, New Mexico State Investment Council and Pennsylvania Public School Employees’ Retirement System have all invested capital into ARS VIII.

ARS VIII will invest most of its capital in US-based real estate firms, and Most transactions range between $100m and $500m.

Almanac will co-invest up to $15m in the fund. There is no leverage planned for the fund.

The fund targets a net internal rate of return of at least 12% with a 1.75x equity multiple.

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