The Tennessee Consolidated Retirement System is investing $221.3m (€200.1m) in a US industrial portfolio.
The deal, expected to close in September, is being carried out through an unnamed separate account.
The 3.3m sqft portfolio includes assets in Seattle, Portland, San Diego and Dallas.
Three properties are in San Francisco, five in Los Angeles and six in Chicago.
Tennessee Consolidated is also looking to invest $65.1m in a 261-unit apartment complex in New York City.
The investment would see the pension fund take an 80% interest in the property as part of a joint venture.
The marketing process of the sale of the Spring Valley Business Park in Pennsylvania has begun.
The 183,993 sqft property has been owned by the pension fund since 2005, when it paid $40m for the asset, which had been originally acquired by TA Associates Realty.
Tennessee terminated TA’s separate-account contract in September last year due to underperformance, according to an email from the pension fund.
The asset was transferred to JP Morgan Asset Management, which will now handle the sale of the property.
The former separate account with TA held nine assets valued at $475m at the time the relationship ended.