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.

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