Virginia Retirement System has approved a $50m (鈧�42.4m) commitment to Apollo Global Management鈥檚 third opportunistic US real estate fund.
The $82.8bn pension fund said it is for the first time backing Apollo鈥檚 real estate fund series with the commitment to the Apollo US Real Estate Fund III fund.
Apollo declined a request for comment.
Fund III, which has been reported to be seeking a $1bn fundraise, has raised $518m so far, according to a public filing this month. The predecessor fund had a $750m fundraising target.
Like the predecessor funds, Fund III鈥檚 target assets would include investing in industrial, office and hotel assets.
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