Alameda County Employees’ Retirement Association (ACERA) intends to approve a $50m (€46.5m) commitment to PGIM Real Estate’s open-ended US debt fund, according to the pension fund’s board meeting agenda.
The PGIM Real Estate US Debt Fund had total commitments of $2.73bn as of August 2023, according to SEC filing.
The core-plus fund, created in 2017 to invest in a variety of property types located across the US, currently has no redemption queue.
The US Debt Fund prioritises senior mortgage loans with leverage of not more than 60% of gross asset value or 45% of underlying real estate value. The fund primarily targets bridge and light transitional loans.
PGIM Real Estate declined a request for comment.
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