The Texas Permanent School Fund has committed $60 million to Berkshire Multifamily Debt Fund III, managed by Berkshire Group, IREI has learned.
The fund launched in November 2020 with an equity fundraising target of $1.5 billion, according to an SEC Form D.
The fund’s predecessor, Berkshire Multifamily Debt Fund II, closed in May 2018, with $1.25 billion in equity commitments. That fund consisted primarily of Freddie Mac’s multifamily capital markets execution debt investments, which focuses on current income and credit quality to optimize these risk-adjusted opportunities. The fund also invested opportunistically in other debt assets secured by multifamily properties, such as mezzanine debt, B-notes and discounted notes.
Texas Permanent could not be reached to comment on the investment at the time of publication.
