Virginia Retirement System is expanding its US industrial real estate exposure by adding $200m (€183.2m) to its joint venture with the Carson Companies.

The latest commitment represents the fourth investment Virginia Retirement has issued to Carson for the industrial strategy.

The investment strategy for the venture includes placing capital into new development projects or buying existing properties some of which can be redeveloped.

Carson did not respond to a request for comment.

Virginia Retirement said it has also approved a $125m commitment to Westbrook Real Estate Fund XII, a value-add fund.

The Westbrook fund, which has a $2.95bn hard cap, is expected to have a final close either late this year or in early 2024.

Fund XII will target debt and equity investments in a mixture of transactions that will include office, industrial, retail and lodging.

Virginia Retirement said it also approved a $50m to the Lime Rock Resources Fund XI as part of commitments made to the pension fund’s real assets portfolio.

The capital placed in the Lime Rock Resources Fund XI fund will be invested in US oil and gas assets.

To read the latest edition of the latest IPE Real Assets magazine click here.