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Investors - DECEMBER 7, 2022

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TRS Louisiana approves $250m of commitments for Berkshire, Harbert, Waterton funds

by Kali Persall

The Teachers' Retirement System (TRS) of Louisiana has approved three commitments on behalf of its private markets portfolio.

The pension fund has allocated up to $100 million to Berkshire Bridge Loan Investors III, a real estate debt fund managed by Berkshire Residential Investments; and up to $75 million each to Harbert U.S. Real Estate Fund VIII, a real estate fund managed by Harbert Management Corporation (HMC), and Waterton Residential Property Venture XV (Waterton XV), a value-added real estate fund managed by Waterton.

Berkshire Bridge Loan Investors II (BBLI II), is focused on continuing Berkshire’s multifamily direct-lending strategy, which provides financing for multifamily assets in the U.S., including senior mortgages, mezzanine debt and preferred equity. The $1.47 billion fund completed its final close in April 2021.

HMC and its affiliates have owned, developed and managed multifamily, office, industrial, retail and hotel properties throughout the

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