Connecticut Retirement Plans and Trust Funds (CRPTF) is considering a $200m (€169.5m) commitment to the Centerbridge Real Estate Fund II fund, according to the pension fund’s meeting document.
Centerbridge Partners raised $500m during the first quarter of the year for the North America and Europe opportunistic fund which is expected to reach its $1.5bn capital raising target in the third quarter of the year.
The fund is expected to have up to 70% on a loan-to-value basis.
CRPTF’s real estate consultant, NEPC, said in the meeting document that the fund targets a net internal rate of return of at least 16%.
Fund II will target digital real estate, industrial/logistics, hospitality, self-storage and possibly some retail.
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