The Teachers’ Retirement System of Louisiana (TRSL) has approved a $100m (€95.1m) commitment to Berkshire Bridge Loan Investors-MF1 III, according to the pension fund’s meeting document.
Berkshire is planning to raise $3.5bn for the US fund which expects to mainly originate floating-rate first mortgage loans. The fund expects to invest up to 20% of the portfolio in select preferred equity and/or mezzanine debt transactions.
The fund targets apartment and some student, senior or manufactured housing assets that can produce 12% to 14% gross and 10% to 12% net return.
TRSL said it had added $75m to its value-add real estate portfolio by making a commitment to Harbert United States Real Estate Fund VIII.
Harbert Management Corporation has set a $750m fundraising target for the fund which expects to invest in offices, industrial and retail assets in North America.
The pension fund also approved a $75m commitment to the Waterton Residential Property Venture XV fund. As previously reported, Waterton is seeking to raise $2bn its latest value-add US apartment fund.
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