Alaska Permanent Fund Corporation has committed $112m (€103.9m) to a newly created US real estate debt joint venture, the sovereign wealth fund disclosed in a board meeting document.
The joint venture’s capital will target opportunistic debt investments across diverse US property types, focusing on markets where Alaska Permanent expects reduced involvement from traditional banks due to current market uncertainties.
The venture will focus on loans within the 50% to 65% loan-to-value range.
Alaska Permanent also disclosed it has paid off a $60m loan on its Sand Lake West Business Park in Orlando, a business park asset that has been held in the $77.4bn sovereign wealth fund’s portfolio since November 1994.
Sand Lake West Business Park is part of a separate account with Sentinel Realty Advisors Corporation.
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