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.

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