Denver Employees makes $25m follow-on commitment
The $2.1 billion Denver Employees Retirement Plan has approved a follow-on commitment to a debt fund series during its Feb. 19 meeting.
The pension fund approved a $25 million investment in Contrarian Distressed Real Estate Debt Fund III, a recently launched fund managed by Contrarian Capital Management.
Contrarian Distressed Real Estate Debt Fund III invests in U.S. distressed mortgages, debt and properties. The firm’s recent filing with the SEC states the fund has raised $92.1 million of its $750 million equity target.
Denver Employees invested $20 million in predecessor fund Contrarian Distressed Real Estate Debt Fund II in December 2010.