The California-based firm secured commitments from a variety of global investors.
Private real estate debt funds need to prove their value to investors in a more crowded and competitive market.
Targeting a smaller vehicle goes against the trend of firms able to raise successively larger funds. There are benefits – and risks – in doing so.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.
PERE’s review finds 2018 was the worst year for private real estate capital raising in the last seven.

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