Virginia Retirement System (VRS) is investing $100m (€93.1m) in US industrial real estate through via preferred equity, according to a board meeting document.
The pension fund has committed the capital to USEF Sailfish Venture, which is managed by Affinius Capital, formerly known as USAA Real Estate.
VRS said the investment was targeting a net return of 10%.
The pension fund has also increased its exposure to infrastructure through a $200m commitment to the Stonepeak Infrastructure Partners Fund V.
Stonepeak is seeking to raise $15bn for the fund to invest in energy, transportation, logistics and communication assets in the US.
Affinius and Stonepeak did not comment.
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