The Washington State Investment Board is planning to award Aevitas Property Partners a $500m (€437.2m) real estate allocation.
The pension fund approved a recommendation for the new commitment at its 7 April private markets committee meeting.
The allocation will not become official until full board approval at its 21 April board meeting.
The commitment would be Washington State’s third with the manager.
The relationship started in 2012 with a $250m allocation and was expanded with an additional $500m in 2014.
Much of Aevitas’s capital is deployed in Europe, including an investment with London-based Capital Industrial.
The company invests near the UK capital in single or multi-let assets.
Aevitas has also invested capital with Netherlands-based Woonhave, which invests in Dutch residential assets.
The company focuses on the Randstad area in the Netherlands, where it invests in apartments and single-family homes targeting the mid-market segment.
Washington State told IPE Real Estate it was also considering a $600m follow-on allocation to Evergreen Real Estate Partners.
The separate-account relationship was started in 2004.
Since then, the pension fund has invested $3.5bn with the manager at $500m increments, with the last allocation made in 2014.
Evergreen looks to make equity investments in real estate operating companies based and operating in the US.
Capital will mainly be invested with companies looking to grow their operation across the office, industrial, retail or apartment sectors.
