Minnesota State Board of Investment (SBI) is planning to double the $200m (€168.6m) worth of real estate commitments it earlier this year placed in Oaktree Capital Management funds.
The $74.8bn pension fund said it will be seeking a final approval at a board meeting on 2 December to add $100m each to Oaktree Real Estate Debt Fund III and Oaktree Real Estate Opportunity Fund VIII, funds which it Minnesota SBI backed with the same amounts in February.
The global Debt Fund III will target mezzanine loans, commercial mortgage-backed securities, and subordinated secured debt transactions.
The Opportunity Fund VIII fund, which seeks a $3.5bn capital raise, will target deals like buying distressed debt, equity recaps, rescue financings and discounted securities purchases in the US, Europe and Asia.
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