Texas Permanent commits $75m to opportunistic debt
The Texas Permanent School Fund has committed $75 million to Cerberus Institutional Real Estate Partners IV, managed by Cerberus Capital Management, according to a live broadcast of a recent board meeting.
“Cerberus is a leading, if not the leading, investor in European nonperforming loans,” said John Grubenman, director, private markets, with TPSF, during the board meeting. the investment should complement the fund’s $75 million commitment to Kildare European Partners II, made earlier this year, added Grubenman.
The opportunistic fund is seeking $1.5 billion to invest in distressed real estate globally, with a focus on Western Europe and the United States. Leverage will be capped at 58 percent on a portfolio basis.
CIREP IV received a $200 million commitment from the Florida State Board of Retirement earlier this year.