Minnesota SBI invests in Oaktree’s latest real estate debt fund

The Minnesota State Board of Investments (SBI) has approved a commitment of $100 million to Oaktree Real Estate Debt Fund III, managed by Oaktree Capital Management.

The pension fund could not be reached to comment on its recent investment activity.

Opened in December 2019, Oaktree Real Estate Debt Fund III, like others in the fund series, will focus on six investment areas, including commercial real estate, real estate corporate investments, structured finance, commercial NPLs, residential real estate and non-U.S. real estate.

Oaktree launched its debt strategy in 2010 as an expansion of the real estate opportunities strategy, according to the firm’s website. It pursues a wide range of investments, including CMBS, commercial and residential mortgages, mezzanine loans, and corporate debt.

The previous fund in the series, Oaktree Real Estate Debt Fund II,