SBCERA commits $25m to real estate debt fund
The $8.1 billion San Bernardino County (Calif.) Employees’ Retirement Association has committed $25 million to a debt fund managed by PGIM Real Estate.
The closed-end, value-added PRECap Fund VI will pursue a similar strategy to its predecessor funds, investing in junior debt and preferred equity capital. Investments will be secured primarily by office, industrial, retail and residential assets in Western European markets, specifically the United Kingdom and Germany. PRECap Fund VI aims to raise $1.42 billion in equity commitments and has raised $425.91 million to date.
SBCERA has been investing with PGIM Real Estate since 2003, with current investments in the PRISA II and PRISA III open-end funds, which invest in North American real estate with core-plus and value-added strategies, respectively.