The Pennsylvania Public School Employees’ Retirement System (PSERS) committed up to $150 million to Värde Partners’ debut Scratch and Dent Fund at its meeting last week, according to documents released by the retirement system.
The new fund is Värde’s first to target bank and CMBS-held “Scratch and Dent” assets, which are commercial real estate loans with high loan to value ratios, according to a memorandum from portfolio advisor Aksia.
