IPI Partners’s latest data centre fund has received a $50m (€47m) commitment from San Joaquin County Employees’ Retirement Association (SJCERA), according to the investor’s board meeting document.

As previously reported, IPI Partners is seeking to raise $4bn for IPI Partners Fund III, a fund which mainly invests in data centres and some technology connectivity-related assets.

SJCERA’s investment into IPI Partners Fund III represents the pension fund’s first-ever commitment to IPI Partners and its first foray into a data centre-only fund for its real estate portfolio.

IPI Partners III, which has a a non-core strategy, will be investing in both existing assets to acquire where some value could be created in the future as well as moving capital into some new development projects.

IPI Partners III, which targets non-core assets, will invest in existing data centres with the potential for future value creation, while also allocating capital to new development projects.

The fund will mainly invest in OECD countries, with the flexibility to allocate up to 25% of its assets to opportunities in non-OECD nations.

To read the latest IPE Real Assets magazine click here.