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PSERS commits $150 Million to debt funds

by Sara Kassabian

The $51 billion Pennsylvania Public School Employees’ Retirement System (PSERS) has committed $75 million each to LEM Real Estate High-Yield Debt and Preferred Equity Fund III and Latitude Management Real Estate Capital III.

LEM Real Estate High-Yield Debt and Preferred Equity Fund III, a $300 million closed-end commingled real estate debt fund, is managed by LEM Capital. The fund has raised at least $67.9 million as of April 2012. A final close date was not disclosed. It will invest in multifamily assets in the United States and Canada, selectively investing in office, retail, hospitality, industrial, student housing and senior housing properties. The fund invests through debt, preferred equity or senior equity investments.

The commitment marks PSERS second investment in the fund series. The pension fund invested in LEM Real Estate High-

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