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Fundraising - MARCH 23, 2018

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PGIM launches open-end debt fund

by Jody Barhanovich

PGIM Real Estate has launched an open-end real estate debt fund, according to board meeting documents from the $2.1 billion Stanislaus County (Calif.) Employees’ Retirement Association and a filing with the SEC. The firm did not comment on its fundraising efforts.

The new fund, PGIM Real Estate U.S. Debt, is an open-end fund that will invest in senior and subordinated loans secured by institutional real estate with strong fundamentals and predictable income streams, according to the board meeting document.

PGIM Real Estate is actively marketing the strategy and is targeting an equity fundraise of approximately $2 billion over a three year period. Once fully invested, the team is expected to hold about 65 debt investments at any given time, according to the board meeting documents.

Stanislaus County (Calif.) Employees’ Retirement Association

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