Tennessee Consolidated Retirement System (TCRS) is investing $250m (鈧�220.6m) alongside a debt fund managed by Berkshire Residential Investments.
TCRS told 91传媒在线 that it had approved the capital to Berkshire Bridge Loan Investors II-A.
Berkshire raised $1.47bn in April for its Berkshire Bridge Loan Investors II fund.
TCRS said the fund 鈥減rovides TCRS with a differentiated source of returns through hard asset-backed lending that is highly cash-flow generative and short in duration. The deal sourcing is exceptional, driven by contractual relationships with lenders in the multifamily market.鈥�
The pension fund also said the 鈥渋nvestment exits are through tried-and-true buyers in the agencies and while, the market is supportive, the securitisation market, which are providing attractively priced, matched-term and non-market-to-market financing.鈥�
The pension fund鈥檚 commitment was made for its $5.1bn strategic lending portfolio which invests via funds, co-investments, fund of funds and public securities.
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