Stanislaus County Employees' Retirement Association, Modesto, Calif., committed $54 million to PGIM Real Estate U.S. Debt Fund, said Rick Santos, executive director, in an email.
The $2.1 billion pension fund's board at its Feb. 27 meeting approved the commitment to the new open-end real estate fund, "comprised of senior and subordinated loans which are secured by institutional real estate with strong fundamentals and predictable income streams," according to meeting materials.
As of Dec. 31, the pension fund's real estate allocation was 7.8%; the target is 9.4%.
Investment consultant Verus Advisory assisted.
