Jacksonville (Fla.) City Retirement System committed $15 million to IPI Partners III, a real estate fund that acquires and operates core-plus, value-added and build-to-suit data centers.
The $2.3 billion pension fund's board approved the commitment at its Dec. 21 meeting, recently released meeting minutes showed.
IPI Partners is a joint venture between real assets firm Iron Point Partners and ICONIQ Capital, Mark Zuckerberg's family office. It is the pension fund's first commitment to the joint venture.
As of Nov. 30, the pension fund's actual allocation to real estate was 18.6%; the target is 15%.
Investment consultant RVK assisted.
