Oregon Public Employees Retirement Fund (PERF) has approved an additional $200m (€185.7m) to an existing US real estate separate account with Ascentris, according to people familiar with the matter.
IPE Real Assets understands that the pension fund committed the capital to Ascentris OR Partners, to mainly fund existing assets and multi-phased developments.
The separate account has a value-add investment strategy of funding mixed-use development projects. The account’s current portfolio is mainly in Denver, Raleigh, Charlotte and Chicago.
The relationship between Oregon PERF and Ascentris started in 2013. Since then, the pension fund has issued a number of commitments to the relationship, this included a $350m commitment in April 2021.
At the end of the third quarter of 2022, the fair market value of the separate account portfolio was $454.7m.
The since inception return on the portfolio is a 13.22% internal rate of return with a 1.24 equity multiple.
The Oregon State Treasury, which oversees the investments for the pension fund, did not respond to a request for comment.
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