Tennessee Consolidated Retirement System (TCRS) has topped up its investment in Cortland’s US apartment fund with a $100m (€84.2m) commitment.

The pension fund’s latest commitment to the Cortland Growth and Income Fund, adds to a $250m investment made into the fund in February.

TCRS told IPE Real Assets that the pension fund is pleased with the Cortland fund’s performance and the portfolio that the fund has delivered and ”believes additional exposure is warranted at this time”.

The open-ended core-plus fund targets net internal rate of returns of 8% to 10%. Most of the capital for the fund will be invested in apartments that are located in the Southeast and Southwest regions of the US.

TCRS said the Southeast and Southwest continue to benefit from strong job growth and population migration from lower growth and higher tax.

Cortland did not respond to a request for comment.

TCRS also told IPE Real Assets that it has put the 365,814sqft 1501 Remington Blvd and 44,700sqft 1224 Hooker industrial assets in the Chicago metropolitan area up for sale due to performance issues.

The 1501 Remington asset was acquired in 2014 through separate account manager JP Morgan Asset Management and the 1224 Hooker asset was bought through DWS in 2016.

“Chicago has consistently underperformed the broader industrial market during this very robust market cycle. These sales were viewed as opportunistic, allowing TCRS to reallocate this capital into investments which should outperform longer term,” the pension fund said.

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