Oregon Public Employees Retirement Fund (PERF) has approved a $150m (鈧�127.7m) commitment to Waterton Residential Property Venture XIV, a value-add US apartment fund nearing its final close.
As previously reported, Waterton is seeking to raise $1.25bn for the fund which is expected to close this month.
Anthony Breault, senior investment officer for the Oregon State Treasury, which oversees the investments for Oregon PERF, said: 鈥淚t鈥檚 our understanding that we will be the last investor to go into this commingled fund and a final closing will happen very shortly.
鈥淭he expectation is that the total capital raise will be near to or reach its targeted amount.鈥�
Breault said Oregon PERF prefers to be in a 鈥渇und structure for the value-add bucket so you can move in and out of the market over time, as compared to a separate account where you are always in the market鈥�.
Breault said Oregon PERF likes that the fund is a blind pool investment.
鈥淭his represents a 180-degree turn for our industry where a few years ago it was favoured to have some pre-seeded assets in a fund.鈥�
Waterton declined a request for comment.
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