Chicago-based pension fund commits $15m to real estate debt
The $2.3 billion Chicago Policemen’s Annuity & Benefit Fund has committed $15 million to Lone Star Fund X, managed by Lone Star Funds. The opportunistic, closed-end fund invests in real estate debt in Asia, Europe and the United States. Lone Star previously raised $4.4 billion for the fund, nearing its $5 billion fundraising target. The pension fund has a target allocation to real estate of 5 percent and an actual allocation of 3.6 percent.