T
he North Dakota Retirement and Investment Office has made significant real estate commitments, investing $185m in two funds. The pension fund committed $100m to Carlyle Realty Partners X, a $10bn opportunistic real estate fund targeting investments in residential, self-storage, and industrial properties. With a hard cap of $8bn, the fund aims for a net internal rate of return (IRR) of 14% to 17%, with at least 95% of investments in North America.

    Carlyle will co-invest an amount equal to 3% of the fund's total commitments. The fund currently holds no assets and is expected to generate strong returns through strategic investments. In contrast, PRISA III, a $2.9bn open-ended fund, has committed $85m from the pension fund. With a current net asset value of $2.9bn and no redemption queue, PRISA III targets IRRs of 9% to 12%, leveraging 45.1% of its investments in traditional and non-traditional assets such as apartments, industrial properties, single-family rentals, and self-storage units.