The Teachers’ Retirement System of the State of Kentucky has approved a $75.5m (€77m) commitment to Rockwood Capital Real Estate Partners XII, a US value-add fund.

The $28.5bn pension fund disclosed in a meeting document that the commitment to the Rockwood Capital fund comprises a $65m contribution from the Retirement Annuity Trust, $10m from the Health Insurance Trust and $500,000 from the Life Insurance Trust.

Fundraising details of Partners XII are currently unknown and Rockwood Capital declined a request for comment.

According to sources, Rockwood Capital raised $1.1bn in July last year for a predecessor fund which invests in a variety of property types including office, multi-family/residential, retail and hotel assets.

Partners XI’s investments will include closing on either debt or equity transactions.

Kentucky Teachers has a $1.4bn real estate portfolio invested in a mixture of core and non-core investments in real estate via managers including Angelo Gordon, Blackstone, Carlyle, Landmark, PGIM and TA Realty.

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