JUNEAU, AK—Alaska Permanent Fund Corp., Juneau, committed more than $415 million (£250M) to LaSalle Investment Management for investment in the United Kingdom.

“While the entry into Europe is clearly expected to provide diversification benefits, the increased capital dedicated to real estate (both domestically and globally) compels us to expand our footprint and opportunity set,” said Michael Burns, executive director and CEO of the Fund, in a LaSalle press release. “We are excited to team up with LaSalle in the UK and are encouraged at the pipeline of opportunities.”

The fund will seek investments ranging from $85 million (£50M) $250 million (£150M), and will consider investments in all sectors, including mixed use.  This marks the first time APFC, which invests a portion of the US state’s revenue from mineral resources to benefit future generations of Alaskans, has invested in commercial real estate in Europe.

Julian Agnew, director at LaSalle, said: “We have a long standing relationship with APFC in the U.S., and this mandate builds on the success of that relationship by looking to the opportunities we currently see in the UK real estate market. We will seek to leverage LaSalle’s expertise in real estate investing to diversify the portfolio and achieve strong returns through a number of long-term assets holds.”

It is the first time the $50 billion sovereign wealth fund has invested in European commercial real estate. The fund has an existing relationship with LaSalle in US real estate commitments and Laura Achee, a spokeswoman for the fund told media outlet Pension and Investments that it currently has $900 million invested with the firm.

The Alaska Permanent Fund closed February 27, 2014 with an unaudited value of $50.0 billion, a new record for total value.