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North Carolina Retirement invests $670 million in real estate
The $74.5 billion North Carolina Retirement Systems (NCRS) has committed $670 million to four separate real estate funds.
The largest commitment was $400 million to NorthRock Fund II, a separate real estate account managed by Rockwood Capital. Any further details about the separate account were not disclosed, and Rockwood Capital declined to comment.
The pension fund also invested $110 million in KTR Industrial Fund III, a value-added fund managed by KTR Capital Partners. The fund, which invests in industrial real estate in North America, was launched in April 2012 with a $750 million fundraising goal. It aims to hold a final close in March 2013. The industrial fund raised $193 million as of October 2012.