Iowa Public Employees' Retirement System, or IPERS, is setting aside $300 million for private real assets in 2019, the bulk of which will be allocated to real estate investments, IPE Real Assets reported, citing a board meeting report.

According to the report, the Iowa pension fund only committed $40 million to real estate strategies in 2018, down from $100 million in 2017. It had $1.99 billion invested in private real assets, or 6% of its total assets, as of June 2018.

The majority of the new allocation will be invested in U.S. core real estate, but some of the capital allocated could be deployed in farmland as well, the report said. Clarion Partners, Invesco Real Estate, DWS and UBS Realty Investors are the four separate account managers that handle IPERS' core real estate commitments, IPE Real Assets added.