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Sign in Sign up for a FREE subscriptionAnn Arbor City Employees backs Torchlight fund
The Ann Arbor (Mich.) City Employees' Retirement System has approved a $9 million investment in Torchlight Debt Fund VII, a value-add real estate fund managed by Torchlight Investors.
The fund opened to inventors in April and is targeting $2.25 billion in capital commitments. It will invest in a mixture of public and private markets, including senior mezzanine loans, preferred equity, and investment-grade and subordinated CMBS.
The fund has been backed by a dozen or so U.S. pension funds, according to IREI’s FundTracker database. The previous fund in the series, Torchlight Debt Fund VI, closed on $1.684 billion in 2019, surpassing its fundraising target of $1.5 billion.
