Virginia Retirement System has expanded its relationship with Meadow Partners by setting up a $200m (€179.7m) real estate separate account with the manager.
The pension fund disclosed in a meeting document that it has established the MV Real Estate SMA I separate account managed by Meadow.
The latest relationship follows a $125m commitment VRS made to the Meadow Real Estate Fund VI, a fund which closed in June this year with $530m in capital commitments.
MV Real Estate SMA I will invest in core assets globally. The capital is expected to be allocated across various property types, including apartments, industrial, office, retail and potentially some film production studios.
VRS told IPE Real Assets that it expects the leverage level for the new separate account to be consistent with industry standards for core real estate investments, which is typically between 30% and 40% according to industry observers.
Meadow Partners declined to comment when contacted for this story.
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