Alameda County Employees' Retirement Association, Oakland, Calif., committed up to $50 million to PGIM Real Estate U.S. Debt Fund.
The $10.6 billion pension fund's board approved the commitment to the evergreen real estate debt fund at its Feb. 15 meeting, a webcast of the meeting showed.
ACERA has previously committed to PGIM Real Estate's open-end PRISA III Fund, first committing $10 million in 2014 and then approving a follow-on commitment of $50 million in 2022.
According to Feb. 7 investment committee meeting minutes, the new commitment is ACERA's first to a real estate debt-focused strategy.
As of Sept. 30, the pension fund's actual allocation to real estate was 7.4%; the target is 9%.
Real estate consultant Callan assisted.
