Oregon Public Employees Retirement Fund (PERF) has approved a $200m (鈧�165m) investment to create a co-investment with Real Estate Partners to invest in US life sciences assets.
According to the Oregon State Treasury, all of the HS-OR Life Science Partners vehicle鈥檚 equity is being provided by the pension fund.
Anthony Breault, senior real estate investment officer for the Oregon State Treasury, said: 鈥淭his type of investment structure will allow us to access the property through a very strong manager in the space without creating any undue stress on our staff.鈥�
Breault said there is strong demand for the property type from tenants who prefer to be in major cluster markets like San Francisco, Boston/Cambridge, North Carolina, Seattle and San Diego.
鈥淭he tenants in these properties need to have their employees in the office as the lab work really can鈥檛 be accomplished in a home working environment.鈥�
The co-investment will engage in opportunities across the risk spectrum.
Oregon PERF has also made a $150m commitment to Harrison Street Real Estate Partners VIII, an opportunity fund seeking to raise $2bn.
The fund, which targets 14% to 16% internal rate of returns, invests in a mixture of US life science, self-storage, senior and student housing assets.
Harrison Street declined a request for comment.
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