Torchlight Investors is planning a first close of up to $500m this month for its latest real estate debt fund, according to an investor’s meeting document.
The Arkansas Teacher Retirement System has made a $50m capital commitment to the Torchlight Debt Opportunity Fund VII fund and according to the pension fund’s consultant The Townsend Group, the real estate debt fund is expected to have a first close by the end of June.
Fund VII is planning a $1.5bn fundraise with a $2bn hard-cap target. Torchlight’s predecessor fund raised $1.7bn in July last year. Torchlight expects the fund to achieve 10% to 12% net internal rate of return and 14% to 16% gross.
Torchlight will be placing a $10m co-investment into the fund which will target traditional property types as well as hotels and student housing.
Arkansas Teacher has also approved a $50m commitment each to the CBRE Strategic Partners US Value 9 and Macquarie Infrastructure Partners V, a new North America infrastructure fund planning a $5bn fundraise.
The CBRE fund will be investing in US value-add apartments, office and retail properties.
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