Virginia Retirement System (VRS) has approved a $250m (€235m) commitment to a real estate debt fund managed by Acore Capital.
According to a board meeting report, Acore Credit Partners II will invest in newly-originated mortgages secured by transitional commercial real estate.
Acore Capital has s history of investing in first mortgages, B notes, mezzanine debt and preferred equity.
The firm is seeking to raise between $1.25bn and $1.5bn for the fund to provide debt secured against residential and commercial buildings.
VRS has placed the commitment into its $15.7bn credit strategies portfolio, which represented 14.4% of its $109.2bn in total assets at the end of 2023.
To read the latest IPE Real Assets magazine click here.
To read the latest IPE Real Assets magazine click here.
