New York State Common Retirement Fund is committing €150 million to Exeter Property Group's first commingled European fund and $150 million to Heitman's U.S. value-added real estate fund, IPE Real Assets reported.

The Exeter Europe Value Ventures III fund, which Exeter is launching to invest in industrial assets in Europe, also received €50 million from the pension fund for co-investments. Its other investors include San Francisco Employees' Retirement System and New Mexico State Investment Council.

The pension fund's commitment to the Heitman Value Partners IV vehicle marks its first investment in a commingled fund sponsored by Heitman.