New Mexico State Investment Council (SIC) has approved a $150m (鈧�138.5m) capital commitment to Acore Capital鈥檚 latest US real estate debt fund.
The sovereign wealth fund said it has placed the capital into Acore Credit Partners II, a fund expected to originate transitional commercial real estate whole loans for high-quality, well-capitalised operators and private equity sponsors.
Acore Capital disclosed in New Mexico SIC鈥檚 meeting document that the fund is seeking to raise between $1.25bn to $1.5bn.
Partners II which targets a 10-12% net internal rate of return and a net distribution yield of 8-10%, has so far invested in an existing portfolio of 15 performing loans with investments made in 2022 and 2023 in a changing interest rate and real estate investment environment.
The fund鈥檚 loans will be secured by property types such as residential, industrial, and commercial buildings.
To read the latest 91传媒在线 magazine click here.
