PSERS commits $250m to private debt fund
The $53.5 billion Pennsylvania Public School Employees' Retirement System has committed $250 million to a private debt fund. PSERS invested in PIMCO BRAVO Fund III, managed by Pacific Investment Management Co.
PIMCO currently invests in real estate opportunities primarily through its BRAVO III, and is in the process of realizing its $5.5 billion and $2.4 billion predecessor funds (BRAVO II and BRAVO I).
PIMCO is sponsoring a newly formed debt fund, PIMCO Commercial Real Estate Debt, through which the firm’s U.S. real estate team will source, underwrite, and invest in private and public real estate debt opportunities, including senior mortgages, mezzanine financing, CMBS and other real estate debt–related investments.