Virginia Retirement System has approved a $50m (€42.4m) commitment to Apollo Global Management’s third opportunistic US real estate fund.

The $82.8bn pension fund said it is for the first time backing Apollo’s real estate fund series with the commitment to the Apollo US Real Estate Fund III fund.

Apollo declined a request for comment.

Fund III, which has been reported to be seeking a $1bn fundraise, has raised $518m so far, according to a public filing this month. The predecessor fund had a $750m fundraising target.

Like the predecessor funds, Fund III’s target assets would include investing in industrial, office and hotel assets.

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