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DECEMBER 30, 2013

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Indiana commits $100 million to core debt fund

by Reg Clodfelter

The Indiana Public Retirement System has committed $100 million to Mesa West Core Lending Fund. Jodi O’Neill, communication manager for the pension fund, has confirmed the commitment.

Mesa West CLF is an open-end fund that opened in September 2012. The debt fund is solely focused on U.S. first-mortgage debt origination on property types including office, retail, multifamily, industrial and hospitality. The fund targets a net return of 7 percent to 8 percent. Other recent institutional investors in the fund include the Maine Public Employees Retirement System, which committed $100 million to the fund in April, and the Santa Barbara County (Calif.) Employees’ Retirement System, which committed $10 million to the fund in September.

INPRS has a total of $27.1 billion in assets under management. The pension fund has a current allocation to real estate of 5.5 percent and a target allocation of 7.5 percent.

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