Virginia Retirement System (VRS) is investing $100m (€93.1m) in US industrial real estate through via preferred equity, according to a board meeting document.
The pension fund has committed the capital to USEF Sailfish Venture, which is managed by , formerly known as USAA Real Estate.
VRS said the investment was targeting a net return of 10%.
The pension fund has also increased its exposure to infrastructure through a $200m commitment to the Stonepeak Infrastructure Partners Fund V.
Stonepeak is seeking to raise $15bn for the fund to invest in energy, transportation, logistics and communication assets in the US.
Affinius and Stonepeak did not comment.
