Virginia Retirement System has committed $300m (€267m) to the Castlelake Asset-Based Private Credit IV fund, according to a board meeting document outlining its recent commitments.
Virginia Retirement which is committing the capital via its credit strategies programme expects the investment to have a three-year funding period.
Castlelake is in the early stages of capital raising for Credit IV, with no target size disclosed.
The manager previously closed Castlelake Asset-Based Private Credit III in August last year with total commitments of $2.23bn.
The new fund will invest across multiple asset classes, including commercial and residential real estate mortgages and aviation credit transactions.
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