Massachusetts Pension Reserves Investment Management Board (Mass PRIM) has placed $250m (鈧�221.3m) into US real estate fund strategies managed by DivcoWest and .
The $110bn pension fund disclosed in a board meeting document that it has committed $75m to the DivCore Fund VII US fund, with an additional $75m in co-investment capital to be deployed alongside it. Mass PRIM also approved a $100m commitment to the BGO US Value-Add Lending Fund II.
According to Mass PRIM, DivcoWest is seeking to raise $1.5bn for the fund which targets high-quality real estate assets available at substantial discounts due to distressed capital structures.
Mass PRIM currently has no other significant exposure to distressed real estate opportunities within its portfolio.
The DivcoWest fund targets property types like office, residential, industrial and data centres via straight acquisitions, preferred equity and debt investments.
DivcoWest declined a request for comment.
BGO鈥檚 US-focused value-added debt fund aims to raise $750m mainly to create a portfolio of loans secured by properties undergoing improvements like renovation, repositioning, lease-up or ground-up construction.
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