Virginia Retirement System (VRS) has added Artemis Real Estate Partners to its real estate manager line-up.

The pension fund, which had $7.4bn invested in real estate at the end of last year, told IPE Real Assets that it had approved a $75m (€60.6m) commitment to Artemis Real Estate Partners Fund III. 

Artemis declined a request for comment.

According to sources that track fundraising in the US, Artemis expects to raise $750m for the fund.

As previously reported, US state pension funds Illinois Municipal Retirement Fund and New York State Teachers Retirement System have also invested.

The fund will invest in value-added and opportunistic US properties, targeting a 14-15% net return.