Massachusetts Pension Reserves Investment Management Board (MassPRIM) approved a commitment of up to $150 million to Berkshire Multifamily Debt Fund III, a real estate debt fund managed by Berkshire Group, at its February meeting.
Berkshire Multifamily Debt Fund III is a closed-end multifamily debt fund created to invest in Freddie Mac K-Program debt products. The fund is targeting $1.5 billion in capital commitments.
Berkshire is an existing manager for MassPRIM, Elizabeth Herlihy, director of communications at the pension fund, confirmed in an email. The pension fund previously committed $54.5 million to Berkshire Multifamily Debt Fund II in 2018.
MassPRIM joins the New Mexico State Investment Council and the Texas Permanent School Fund as recent investors in Berkshire Multifamily Debt Fund III.
