South Carolina Retirement System Investment Commission, Columbia, committed $100 million to Brookfield Real Estate Finance Fund V, managed by Brookfield Asset Management, at a board meeting Thursday spokeswoman LaJoia Broughton said in an email.
The value-added strategy originates senior real estate loans for properties based in primary U.S. markets, with a focus on the office sector.
Brookfield Real Estate Finance Fund V is the RSIC's third commitment to the Brookfield fund family: previously, $75 million was committed to Brookfield Real Estate Finance Fund III and $50 million to Brookfield Real Estate Finance Fund IV, according to RSIC meeting materials.
The RSIC manages the $29.9 South Carolina Retirement Systems on behalf of the South Carolina Public Employee Benefit Authority, Columbia.
Separately, returns for the South Carolina state employees fund for periods ended March 31 were three-months, 4.2% (benchmark, 4.1%); one-year, 11.8% (10.8%); three years, 4.7% (4.5%); five years, 6.7% (6.2%); and 10 years, 4.4% (3.8). Multiyear returns are annualized.