Washington State Investment Board is planning to invest $850m (€801m) in real estate debt through Calzada Capital Partners.

The pension fund confirmed to IPE Real Estate that it is to consider creating Zocalo Special Situations, a partnership that will provide senior loans to property companies on a global basis.

Calzeda, which did not comment, already invests in real estate operating companies on behalf of Washington State in a relationship that dates back to 2013.

It manages a portfolio of $4.08bn for the pension fund, having invested in 10 companies.

They include TRC, which invests in shopping centers on the west coast of the US, and companies that invest in apartments in Chile, industrial property in Mexico and hotels in French Polynesia.

The new strategy represents a departure, although Calzeda has invested in Pivotal Capital Group which provides debt for single-family homes in California.

The partnership will be able to invest in a number of sectors, although it is expected to be active in healthcare-related real estate markets.

Washington State will be involved on final decisions on transactions.

The pension fund made a recommendation for the new partnership at its private markets committee meeting last week. It needs to be approved it at its board meeting on 20 April.