Connecticut Retirement Plans and Trust Funds is planning to invest $65m (€52.5m) in an opportunistic real estate debt fund managed by Basis Investment Group.
In a meeting document, the pension fund’s investment consultant Meketa Investment Group said Basis Investment Group Real Estate Fund I had received more than $255m of commitments for the fund.
Contributions to the fund, for which Basis Investment Group is hoping to raise $400m, include $55m from GCM Grosvenor, $50m from New York City Retirement Systems, and $50m from the Teachers’ Retirement System of the State of Illinois.
IPE Real Assets reported in January that New York State Common Retirement Fund is also investing $25m.
Basis Investment Group will be making a $2.5m co-investment in the fund.
The final close is projected to take place in November of this year.
BIG Real Estate Fund I invests in US real estate debt and equity structuring opportunities and is projecting a net internal rate of return of up to 11%.
The fund has already closed on seven transactions totalling $72.1m, including a combination of multifamily, office, retail and hotel assets.
- American Investors
- Basis Investment Group
- BIG Real Estate Fund I
- Capital Raising
- Connecticut Retirement Plans and Trust Funds
- Debt funds
- Debt Markets
- GCM Grosvenor
- Investment Strategies
- Investment Vehicles
- Meketa Investment Group
- New York City Bureau of Asset Management
- New York State Common Retirement Fund
- Real Estate
- Teachers’ Retirement System of the State of Illinois
- US Investors