Virginia Retirement System (VRS) is increasing its exposure to real assets with commitments totalling close to $400m (€364m).

More than half of the capital is being allocated to EnCap Energy Capital Fund XII, a vehicle that invests in US upstream oil and gas.

Last year, IPE Real Assets reported that EnCap Investments had set a $4bn capital-raising target for the fund.

According to an investment advisory committee meeting report, VRS is committing $200m to the fund, as well as $150m to Carlyle Realty Fund X and $45m to Affinius US Eagle Real Estate Fund.

Carlyle is seeking to raise $8bn for its latest opportunity fund, which will invest in residential, self-storage and industrial property in the US.

Florida State Board of Administration is among a number of US pension funds to commit capital to the fund.

The US Eagle Real Estate Fund is an open-ended core real estate fund managed by Affinius Capital, which was previously known as USAA Real Estate.

According to an SEC filing, the fund had a portfolio value of approximately $3bn at the start of the year.

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