Prince George’s County Retirement System has approved a commitment of at least $20m (€17.7m) to FifteenFortySeven Critical System Realty’s latest data centre fund, according to sources familiar with the fund.
The pension fund has placed the capital into the 1547 Data Center Fund III, a fund expected to target assets in the US. The pension fund declined to comment on the commitment size when contacted for this story.
According to SEC filing last year, FifteenFortySeven is seeking to raise $300m for the fund.
IPE Real Assets understands that the non-core, will target both acquisition of existing data centre assets and capital allocation to new build-to-suit developments.
Fund III targets a gross internal rate of return of 20%.
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