Virginia Retirement System has approved a $50m (€47.4m) commitment into the Realterm Logistics Income Fund, as stated by the pension fund in a summery of its new commitments and terminations across all of its asset classes in a board meeting document.
Realterm has set up this commingled fund with an open-ended investment structure.
All of the capital for the fund will be invested in transportation-related industrial assets. All of the transactions will involve properties that are located in North America.
The Logistics Income Fund will target core assets, according to pension funds already holding an LP position in the fund.
Virginia has also added to its investment portfolio on the debt side. This involves a $230m commitment to a fund managed by Park Square Capital.
This closed-ended fund will provide mezzanine debt to assets in Europe, according to the pension fund.
Virginia has placed its commitment into the credit strategies portfolio held by the pension fund. This portfolio is valued at $14.3bn or 13.6% of its $105bn of total plan assets through June of this year.
Credit strategies is a little under-allocated as it has a targeted allocation of 14%, according to the pension fund’s investment policy.
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