San Bernardino County Employees’ Retirement Association (SBCERA) expects to put $140m (€122.5m) into real estate opportunities next year, part of which will go into PGIM Real Estate’s latest European debt vehicle.

The $10.38bn pension fund said in a meeting document that it could invest some capital into Pramerica Real Estate Capital VII (PRECap VII).

According to SBCERA, PGIM is planning to start marketing for PRECap VII in 2019. The manager’s capital raising target is currently unknown.

PGIM declined a request for comment.

SBCERA backed PRECap VI with a $25m commitment in 2016. PGIM raised more than £1bn (€1.11bn) for the fund in April last year.

SBCERA may also invest some capital with existing manager Invesco Real Estate, by way of a co-investment alongside the Asia Core Fund.

SBCERA, which is being advised by consultants NEPC, said it intends to consider US and global investment opportunities and where possible, it will favour long-term partnerships established using a master custodial account structure.