Stockbridge Core and Value Advisors has raised an initial $350m (€285.7m) for a new open-ended core-plus logistics fund, according to people familiar with the matter.
Public Employees Retirement Association (PERA) of New Mexico said it has made a $100m commitment to the Stockbridge Niche Logistics Fund and IPE Real Assets also understands that the amount raised so far by the fund includes a $100m commitment from Texas Municipal Retirement System.
The launch of the fund represents the Stockbridge’s first new product since 2011.
New Mexico PERA said the fund targets an 8% to 10% net internal rate of return.
According to sources, the leverage limit on the US blind-pool fund is up to 50%. The fund will target a mixture of logistics assets located in the top 20 to 30 major markets as well as some emerging markets.
Stockbridge declined a request for comment.
To read the digital edition of the latest IPE Real Assets magazine click here.