Institutional Real Estate, Inc. has learned Investors Diversified Realty, a Cleveland-based investment management firm, has launched a new fund called the Core Property Index Fund.

The Core Property Index Fund reportedly will be one of the first open-end private equity real estate funds designed to track the NCREIF NFI-ODCE Index. The fund’s design mirrors the NCREIF NFI-ODCE metrics of property-type weightings, regional diversification, number of properties, leverage and occupancy, in an effort to provide more accurate portfolio management solutions for investors seeking to consistently achieve the NFI-ODCE return.

The founding investor group comprised diverse investors, including the Teacher Retirement System of Texas, a majority investor.

“The index fund is a first-of-its-kind product to invest into a private market real estate index,” said Jared Morris, real assets – investment manager at TRS. “It provides a turnkey solution to access returns of th