ERS of Texas commits $100m to debt fund
The $27.5 billion Employees Retirement System of Texas has committed $100 million to Latitude Management Real Estate Capital IV, according to Meagan Hoffman, senior operational due diligence analyst for the pension fund.
Latitude Management Real Estate Capital IV is managed by Latitude Management Real Estate Investors, a national commercial real estate bridge lender, and is part of Latitude’s first-mortgage bridge loan fund series. It is a value-added real estate fund that will invest in debt secured by properties throughout the United States. The properties will include office, hotel, industrial, medical office, mixed-use, multifamily, retail, student housing and warehouses.
As of June, the fund had raised $249.62 million in equity commitments. Some of the equity fundraising came from additional pension fund commitments, including $75 million from the Pennsylvania Public Scho