Tennessee Consolidated Retirement System (TCRS) is investing with San-Francisco-based housing specialist FPA Multifamily for the first time.
The pension fund confirmed to IPE Real Assets that it had approved a $100m (€90.3m) commitment to the FPA Core Plus Fund V.
FPA Multifamily, which did not respond to a request for comment, is seeking to raise $1bn for the fund and TCRS will be on of the first investors in the vehicle, according to industry sources.
The company raised $703m for the previous fund in 2018.
TCRS also approved the sale of two assets from a separate account managed by DWS.
They comprise Rosedale Square, a 161,000sqft retail centre near Minneapolis, and Monaco at Main, a 286-unit apartment complex in Houston.