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.

 

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