Fundraising

The Denver-based manager sees an opportunity set in resolving distressed capital stacks in mid-market assets. 

Senior commercial real estate professionals are leaving established investment managers to launch their own firms. But the path is not always straightforward.

Mike Droege and Jeff Kert outline the firm’s plan to invest in more than $10bn of newly originated, performing US non-agency mortgage loans.

Toll Brothers, DR Horton and Century Communities have made investments in the debt fund as AREC aims to raise $1bn in commitments.

The $27bn system is currently below its real estate target allocation.

This year’s PERE Lifetime Achievement Award winner, Artemis Real Estate Partners co-founder Deborah Harmon, has proven that championing diversity and delivering strong performance are not mutually exclusive.

Read more about the 2025 PERE Credit Award winners and runners-up in all categories, and how they found their footing after a difficult start to 2025.

The public pension fund, which has $30bn in AUM, is currently underweight to its real estate target allocation.

The duo extends their long-standing relationship in a transaction led by the Beverly Hills-based manager’s executive suite with funding from Fairfax.

The $136bn system has invested in the San Francisco-based manager’s ACORE Credit Partners III and its series predecessor.