Teachers’ Retirement System of Louisiana has approved a $250m (€228.9m) commitment to Oaktree Capital Management open-ended real estate fund.
The pension fund disclosed in a board meeting a document that it placed the capital into the Oaktree Real Estate Income Fund Feeder VI fund.
The capital from Louisiana Teachers cannot exceed 20% of Feeder VI, a core-plus North America fund, with a current net asset value of $2bn.
The Oaktree fund has no entry queue and a $387m redemption queue as of the third quarter of last year.
Feeder VI’s portfolio is heavily weighted towards apartments and industrial assets, which represent 86% of its holdings. The remaining assets consist of 9% office assets, 4% single-family rental and 1% life science assets.
The fund’s 49 properties are 91% leased, with a current leverage of 52.3% of the portfolio’s gross asset value.
Oaktree Capital declined a request for comment.
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