Oregon Public Employees Retirement Fund (OPERF) is investing $250m (€224m) in Prologis’ flagship US vehicle after an 18-month assessment of US logistics funds in the market.

Anthony Breault, senior real estate investment officer for the Oregon Investment Council, said “there were a lot of funds to consider”, and the Prologis Targeted US Logistics Fund would provide “direct access to one of the strongest industrial managers in the world and its core portfolio in the US”.

As reported earlier this year, OPERF has been exploring how best to increase its exposure to industrial markets.

The pension fund is also expected to announce an industrial separate account this summer.

The Prologis Targeted US Logistics Fund was launched in 2014 and enlarged in 2017 after the transferral of $3bn of assets from the balance sheet of Prologis.

OPERF now owns 27.2% of the $7.9bn fund.

Breault said OPERF was seeking a low-risk, core profile and that the Prologis fund does not carry any development exposure.

“It’s our belief that a separate account structure is a better way to invest if there is any development involved,” he said.

“In that form, we can better control the investments that are made.”