Louisiana School Employees commits $100m to real estate

IREI has learned that the $1.7 billion Louisiana School Employees’ Retirement System (LSERS) has committed $50 million each to the HighBrook Income Property Fund IV, an opportunistic fund managed by HighBrook Investors, and Maverick Lien Fund VI, a distressed debt fund managed by Maverick Real Estate Partners.

Highbrook Investors acquires and actively manages property investments across North America and Europe that are in need of repositioning or restructuring. The previous fund in the series, HighBrook Income Property Fund III, closed in 2018 with more than $600 million, surpassing its $450 million target. This was the firm’s largest-ever real estate fund.

Maverick also closed its previous fund in the series, Maverick Lien Fund V, with $200 million in commitments. Investors included pension funds, endowments, foundations and family office investors.

Maverick acquires defaulted first mortgages secured by commercial property in New York City. The firm looks