Four UK pension funds have committed 拢370m (鈧�409m) to 鈥檚 latest real estate debt fund.
ICG-Longbow, the real estate division of debt specialist Intermediate Capital Group, confirmed that its Senior Debt Programme Vintage III has held a final close.
The fund continues the senior debt strategy launched in 2014, offering investors exposure to a defensive UK commercial real estate debt portfolio.
The strategy now has 拢1.2bn in assets under management.
Some of the pension funds in the third fund were repeat investors.
ICG-Longbow is targeting on regional markets as well as London. Loan sizes are in the range of 拢10m to 拢75m.
David Mortimer, head of senior debt at ICG-Longbow, said: 鈥淢arket conditions remain attractive from a risk-return perspective, and to date we have completed or agreed terms on eight loans with a total balance of circa 拢160m.
鈥淲e continue to see solid interest from potential borrowers and we expect Vintage III to be fully allocated in the next quarter.鈥�
