The $54.8 billion Pennsylvania Public School Employees’ Retirement System has committed $200 million to PIMCO’s latest real estate debt fund, according to documents in PSERS’ 2018 board meeting resolutions.
PIMCO Commercial Real Estate Debt Fund is a newly launched real estate fund. It is a closed-end fund that will invest in mortgages, CMBS and mezzanine loans across the United States. Although the fund was filed through the SEC, a fundraising target was not disclosed in the filing; however, news sources report it to be more than $1 billion. So far, PIMCO has raised $696.65 million for the fund, according to the filing.
PSERS has a target allocation to real estate of 12 percent and an actual allocation of 11.7 percent.
