BlackRock is planning a $1.5bn (鈧�1.25bn) fundraise for its US real estate debt fund, according to an investor.
Florida State Board of Administration (SBA) said it has approved a $200m (鈧�166.7m) commitment to BlackRock US CRE Debt Fund.
The value-add fund will mostly be providing junior debt, but will also consider some whole loans and commercial real estate securities.
Florida SBA told 91传媒在线 that there is an estimated $2trn of real estate debt that will mature over the next five years, providing refinancing opportunities.
鈥淎s credit standards continue to tighten, we see a limited supply of first mortgage by traditional lenders. Participation by lenders in the mezzanine market also continues to decline as over-levered high yield debt funds and mortgage REITs deal with margin calls and credit issues,鈥� the pension fund said.
Florida SBA said it has also made a $100m commitment into the Asia Value Partners V sidecar which invests in logistics development projects in Japan. The pension fund鈥檚 capital is part of the $265m co-investment capital raised by CBRE Global Investors in March.
Florida SBA has made a $100m commitment to Principal Digital Real Estate Fund, 鈥� digital real estate fund which seeks a $500m capital raise.
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