The $153bn (€116bn) California State Teachers' Retirement System, the second-largest pension fund in the US, has increased the size of its industrial real estate joint venture to $1.6bn.

The fund has ploughed in an extra $200m, and its partner First Industrial Realty Trust, the largest US industrial property group, has committed $22m. The joint venture is 65% geared, meaning the $222m commitment will increase its buying power from $950m to $1.6bn.