Missouri Local Government Employees Retirement System (LAGERS) has approved a 鈧�75m commitment to Europa Capital鈥檚 sixth pan-European value-add real estate fund.
Brian Collett, the pension fund鈥檚 CIO, told 麻豆映画 Real Assets that Europa Fund VI has fundraising target of 鈧�750m and a hard cap of 鈧�1bn.
The predecessor Europa Fund V raised 鈧�716m in February last year.
The $8.1bn pension fund invested 鈧�35m in Europa IV and 鈧�50m in Europa V.
鈥淲e are pleased with the performance from their previous two funds that we participated in,鈥� said Collett.
Europa VI will invest in residential, office, industrial and retail properties in France, Germany and the UK.
The fund, which will have a 65% leverage component, will target a 15% net internal rate of return.
Missouri LAGERS has also approved a $75m (鈧�68.5m) commitment to Fireside Real Estate Partner IV, a US regional fund which is reportedly seeking a 拢300m fundraise.
鈥淭his commingled fund is buying assets in markets in the Midwest that not a lot of funds are buying in now,鈥� Collett said. 鈥淭his includes Illinois, Indiana, Kentucky and Tennessee.鈥�
The fund manager Fireside Financial expects to buy mostly multifamily and self-storage with some office buildings.
Missouri LAGERS said it had made a $75m investment in Related Real Estate Fund III, an opportunistic US property fund managed by Related Companies.
The fund鈥檚 capital-raising target is currently unknown. Its predecessor raised $1bn in 2015.
