Oregon Public Employees Retirement Fund (PERF) expects to invest up to $1.1bn (€1bn) in real estate in 2023, according to the pension fund’s meeting document.

Oregon PERF disclosed that the plan for the year will be to invest at least $700m in real estate by placing between $100m and $250m each into five to nine individual investments.

The $93bn pension is mostly known for investing through separate accounts and open-ended funds, both of which account for around 70% of its $14bn real estate portfolio.

Oregon PERF said it expects to continue its overweight exposure to both industrial and multifamily properties due to the assets’ outperformance over other property types.

Oregon PERF is exploring committing capital to core open-ended funds to invest in either western Europe or Asia as part of the pension fund’s long-term plan to have up to 10% of its total real estate portfolio invested with core international partners.

It will also be conducting strategic portfolio reviews with separate account managers to ensure the strategies are in line with the pension fund’s long-term plan.

The Oregon Investment Council declined a request for further comment.

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