PGIM Real Estate is planning an anticipated final closing during the first half of this year for the latest capital raise for its PRISA III open-ended, commingled fund, according to sources familiar with the situation.
The $1bn (€970m) fundraise had its first capital call in September 2023. PGIM has closed commitments totaling $830m for the new fundraise.
San Diego City Employees Retirement System will be approving a $50m commitment to PRISA III this week. The commitment by the pension fund will assist the investor in filling two holes in its portfolio for both value-add real estate and apartments.
In the third quarter of 2024, the commingled fund had 58% invested in multifamily, 14% in industrial, 12% in alternative property types such as single-family rental, manufacturing and student housing and self-storage. PRISA III has a net asset value of $2.9bn.
San Diego City added to its real estate portfolio with two other additional commitments totaling $80m. One was a $50m investment into the Invesco US Income Fund managed by Invesco.
Invesco received capital commitments in excess of $500m in 2024 from seven new clients, according to information supplied by the manager for San Diego City. Invesco has invested 90% of the portfolio for the US Income Fund in a combination of residential, industrial, and the specialty sectors of medical, life science/lab and self-storage.
The other new commitment by San Diego City was $30m into the Berkshire Multifamily Credit Fund IV.
Invesco declined to comment, as did PGIM.
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