Pennsylvania Public School Employees’ Retirement System (PSERS) has made a €75m commitment to Realterm Transportation’s Europe logistics fund.
The pension fund disclosed in a board meeting document that it committed the capital to Realterm Europe Logistics Fund II, which is targeting a €400m fundraise with a €500m hard cap, and includes a €7.5m general partner commitment from Realterm.
Aksia, the investment consultant for Pennsylvania PSERS, disclosed in the meeting document that Fund II has so far raised €374m.
The fund, targeting net internal rate of returns of 13% to 15% from value-add industrial assets, has already invested approximately €17m in two properties in the Netherlands.
Pennsylvania PSERS has also made a $200m (€185.1m) commitment to I Squared Global Infrastructure Fund IV.
Infrastructure manager I Squared aims to make a 2% co-investment contribution to the global infrastructure fund with a $15bn capital raising target.
The pension fund also committed $150m to the I Squared Global Infrastructure Credit Fund II, which has a $1.5bn fundraising target and a $2.5bn hard cap.
Credit Fund II aims for 13% to 16% net levered returns, providing debt capital for construction, acquisitions, growth, refinancing and recapitalisation.
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