Kern County Employees’ Retirement Association is investing $160m (€138.2m) in US real estate debt strategies managed by Hudson Bay Capital, Hines/Rialto Capital and TPG Angelo Gordon.
The pension fund disclosed in a board meeting document that it has committed $70m to Hudson Bay Real Estate Opportunities Fund II, placed $50m into TPG Essential Housing Fund IV and made a $40m commitment to the Hines Rialto Credit Partners fund.
Hudson Bay Capital declined a request for comment, but according to people familiar with the matter, the manager secured an initial $300m for its inaugural fund last year.
Fund II is expected to put together a portfolio of 15 to 30 real estate debt opportunities with a shorter-duration profile, targeting assets on the East Coast.
The TPG Essential Housing Fund is seeking to raise at least $3bn to provide off-balance-sheet financing to homebuilders for short-duration, close-to-production land inventory.
The Hines Rialto Credit Partners fund’s main investment strategy is to provide senior debt capital backed by major office assets in the US.
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