South Carolina Retirement System (SCRS) has approved a $100m (€84m) commitment to the latest Crow Holdings value-add real estate fund, the pension fund disclosed in a meeting document.
According to sources, the Crow Holdings Realty Partners IX fund, which seeks to raise $1.5bn, has received over $852m in capital commitments.
The US fund is expected to receive a $100m investment from the Crow Family.
Realty Partners IX is expected to mostly target apartments and industrial assets.
The fund manager – which typically places around 65% leverage on its funds – has in the past targetted a 5% to 7% annualised returns and levered enhanced real returns of 8% to 10%.
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