Torchlight raises $300m for debt fund

Torchlight Investors has collected $300 million for the first closing of its latest real estate debt fund, Torchlight Debt Opportunity Fund IV, according to sources. The firm, which is seeking to raise $1 billion, secured commitments from seven investors, the majority of whom were making follow-on commitments. LPs include the Contra Costa County Employees’ Retirement Association (CCCERA), which committed $60 million in March, and the South Carolina Retirement System, which agreed to invest $75 million in April. Fund IV will invest in both private and public commercial real estate debt, including commercial mortgage-backed securities, distressed first lien mortgages, mezzanine loans, preferred equity and commercial real estate municipal debt.