Texas Permanent School Fund has committed $150m (€129.4m) to Sculptor Capital Management’s latest real estate fund, which invests in alternative US assets such as gaming properties, hotels and senior housing.

The sovereign wealth fund said it placed the capital into the Sculptor Real Estate Fund V fund.

The Sculptor fund has already reached its $3bn capital raising target, and could potentially exceed its target, according to sources.

Fund V, an opportunistic real estate fund, is expected to allocate 70% of its capital to non-traditional property types like gaming, ski resorts, cell towers, parking, and car wash assets; and 30% to traditional property types.

Fund V targets gross internal rates of return between 18% and 22%, with at least 50% of that return coming from income.

The fund’s leverage is expected to be in line with the 30% to 50% average leverage used by the four prior funds in the series.

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