Teachers’ Retirement System of Oklahoma has approved a $100m (€91.9m) commitment to EQT Exeter Industrial Value Fund VI, according to the pension fund’s meeting document.

EQT is seeking to raise $5bn for its value-add US industrial real estate fund which expects to generate a 16% to 18% gross internal rate of return.

Fund VI will be investing in a mixture of value-add industrial transactions with 40% in renew/re-let, and 30% each in lease-up and new development.

The commitment from Oklahoma Teachers is the pension fund’s first real estate commitment in 2023.

As previously reported, the pension fund has set a $400m real estate pacing plan for 2023.

The real estate plan for the next 12 months involves placing up to $300m in non-core funds and as much as $100m in core fund strategies.

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