The North Dakota Retirement and Investment Office (RIO) has committed $75 million to Ares U.S. Real Estate Fund XI.
This fund is a closed-end, value-added strategy that will pursue investments in U.S. growth markets that have diversified economies, well-developed transportation networks, long-term growth potential and/or high barriers to entry. The vehicle aims to raise $2.6 billion in equity. Ares U.S. Real Estate Fund X, its predecessor, raised $1.3 billion at closing in 2022.
The North Dakota RIO is a public pension fund with approximately $25.9 billion in total assets under management.
