EQT Exeter has raised an initial $1.5bn (鈧�1.4bn) for its latest value-add US industrial real estate fund according to an investor.
Ohio Police & Fire Pension Fund said it backed the Exeter Industrial Value Fund VI鈥檚 first close with a $50m commitment.
EQT Exeter is seeking to raise $4bn for the US value-add industrial real estate fund which targets a gross internal rate of returns of 16% to 18%.
鈥淭he depth and breadth of Exeter鈥檚 platform, strength and consistency in Exeter鈥檚 track record over multiple cycles and the manager is well-positioned to invest in an environment where industrial fundamentals continue to be attractive,鈥� the pension fund told 91传媒在线.
Ohio Police & Fire has in the past backed the last four funds in the series.
The latest commitment by Ohio Police & Fire is part of the pension fund鈥檚 plan to maintain a high exposure to the booming industrial property sector.
Real estate makes up $2bn or 10.9% of Ohio Police & Fire鈥檚 $17.36bn total plan assets. The pension fund鈥檚 targeted allocation for real estate is set at 12%.
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