Oregon Public Employees Retirement Fund (PERF) has approved three new industrial real estate commitments worth $750m (€646.4m), according to the Oregon State Treasury.

The pension fund is making a $350m commitment to the LBA Oregon Core Industrial SMA separate account it originally set up with LBA Realty in 2019 with an initial $250m commitment to target core US investments. Oregon has also made a $200m commitment to LBA Logistics Value Fund IX, a fund nearing its $2bn fundraising target.

Oregon PERF’s third commitment is a $200m investment into the Nuveen US Cities Industrial Fund, a core open-ended US fund.

With the latest commitments, the pension is expected to achieve its target allocation to industrial real estate.

Commenting on the LBA Realty separate account, Anthony Breault, senior investment officer for the Oregon State Treasury, which oversees the investments for Oregon PERF, said: “They [LBA Realty] have deployed or committed the capital we first awarded them. We have been pleased with their performance as they continue to show how they are a strong industrial manager.”

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