Värde Partners has launched its latest US real estate debt fund, securing $150m (€135m) from the Virginia Retirement System (VRS).
VRS confirmed to IPE Real Assets the commitment to the Värde Mortgage Fund III, which invests commercial and residential mortgages.
The $82.7bn pension fund said it was the first time it had invested in a fund managed by Värde Partners and it will form part of its $12bn credit allocation.
Värde Partners’ previous fund raised $750m in April 2018.
The company did not respond to a request for comment.