Kern County Employees’ Retirement Association has committed $125m (€106.9m) to the HBC Financing Partners Fund, the pension fund disclosed in board meeting documents.
According to people familiar with the HBC fund, the real estate debt vehicle provides financing mostly for US multifamily and retail properties, with a smaller portion of capital dedicated to student housing transactions.
Kern County Employees has allocated the commitment to its core real estate portfolio, alongside two further actions within the sector.
The pension fund disclosed the sale of its $10m interest in the open-ended ASB Allegiance Real Estate Fund, and approved a $15m co-investment within the core portfolio for the Sculptor Diversified REIT co-investment to fund the acquisition and refurbishment of a property in South Florida.
Kern County Employees also issued an $8m debt co-investment alongside the Beach Point Real Estate Debt Fund.
The capital will partly fund a construction loan for a multifamily development in Chicago, an allocation the pension fund considers an opportunistic investment for its real estate portfolio.
To read the latest IPE Real Assets magazine click here.
