The Washington State Investment Board is planning to commit up to $750m (€667m) to Calzada Capital Partners’ investment programme.
The US pension fund recommended the commitment at its private markets committee meeting on 4 February.
The investment will be discussed at its board meeting on 18 February.
The new commitment will mean the pension fund has tripled the amount allocated to the manager previously.
In 2013, the pension fund awarded $250m to the manager.
Calzada typically buys and invests in large, private real-estate operating companies in the US and abroad.
The company has previously backed Terramar Retail Centers, which owns and operates a 5m sqft portfolio in California, Washington, Oregon and Hawaii.
Real estate outfits specialised in certain property types, including Hometown America, a major player in the ownership and operation of manufactured housing, and Pivotal Capital Group, have also been targeted by the firm.
Pivotal provides first line position debt to real estate investors that acquire, renovate and re-sell single-family homes in Southern California.
Outside the US, Calzada has invested in Pacific Beachcomber, an owner and developer of hotels and resorts in French Polynesia.
Calzada has invested with three companies active in Central and South America, including self-storage firm Aki KB Minibodegas in Chile, and One Development Group and Corporate Properties of the Americas in Mexico, which target the residential and industrial sectors, respectively.