Berkshire’s latest US residential real estate debt fund has received a $150m (€143m) capital commitment from the Massachusetts Pension Reserves Investment Management Board (Mass PRIM).
Mass PRIM disclosed in a board meeting document that it had issued the commitment to the Berkshire Multifamily Credit Fund IV fund as part of its public markets asset strategy.
Berkshire is seeking a total capital raise for the fund at $1.85bn. The last closed fund in the series, Fund III, raised $1.85bn in August 2021.
As previously reported Fund IV is expected to invest in Freddie Mac’s multifamily capital markets execution B-piece debt investments, which are collateralised by high-quality multifamily assets in diverse US markets.
Additionally, on an opportunistic basis, Fund IV may consider investing in preferred equity, mezzanine debt, B-notes and distressed notes.
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