Publications

Alameda County Employees considers $50m commitment to PGIM debt fund
Investors - FEBRUARY 13, 2024

To read this full article you need to be subscribed to Newsline.

Sign in Sign up for a FREE subscription

Alameda County Employees considers $50m commitment to PGIM debt fund

by Lewis Dayton

The Alameda County (Calif.) Employees’ Retirement Association’s (ACERA) Investment Committee has recommended a commitment of $50 million to PGIM Real Estate U.S. Debt Fund. The motion to approve it will take place at the upcoming Feb. 15 Board of Trustees meeting.

PGIM Real Estate U.S. Debt Fund is an open-end fund started in August 2017 that invests in senior and subordinated loan originations of institutional-quality, income-producing real estate across a diverse array of property sectors and U.S. markets.

The fund’s NAV as of September 2023 was $2.55 billion, according to IREI.Q.

As of Sept. 30, 2023, 7.4 percent ($787.42 million) of ACERA’s $10.59 billion portfolio was allocated toward real estate, the asset class into which the $50 million commitment to the PGIM fund would fall.

That is slightly below the 9 percent target allocation ACERA has set for its real estate investments.

For more information about this commitment or other funds

Forgot your username or password?