Hawaii commits $50m to Cerberus fund
The $14 billion State of Hawaii Employees’ Retirement System has committed $50 million to Cerberus Institutional Real Estate Partners IV, managed by Cerberus Real Estate Capital Management.
The closed-end, opportunistic fund will make distressed debt investments in nonperforming loans, commercial mortgage–backed securities and residential mortgage–backed securities, splitting its investments between the United States and Western Europe.
HIERS recently committed $40 millionto DRA Growth and Income Fund IX, a value-added real estate fund managed by DRA Advisors.
As of March 31, the pension plan had a 6.4 percent allocation to real estate.