TCDRS approves $150m Cerberus Real Estate commitment

The US public pension has backed a U.S focused-real estate debt vehicle.

Institution: Texas County and District Retirement System
Headquarters: Austin, United States
AUM: $33.40bn
Allocation to alternatives: 38.90%
Bitesize: $100-200m

Texas County and District Retirement System has confirmed a $150 million commitment to Cerberus Real Estate Debt Fund, according to the pension’s March 2020 investment activities report. The vehicle will provide subordinated and mezzanine loans for the purposes of investing in residential and commercial property.

The $33.40 billion US public pension has a 25.0 percent target allocation to private debt that currently stands at 20.61 percent.

As illustrated below, TCDRS has made eight commitments to private debt funds with a 2019 and 2020 vintage, which combined constitute $1.20 billion.

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