Massachusetts Water Resource Authority Employees’ Retirement System, Chelsea, approved $17 million in commitments to two real estate debt funds.
The $720 million pension fund’s board approved commitments of $10 million to BentallGreenOak U.S. Value-Add Lending Fund II and $7 million to RRA Real Estate Debt Fund III, managed by RRA Capital, at its Dec. 19 meeting, said Carolyn Russo, executive director.
The pension fund had issued an RFP in November after deciding to add real estate debt exposure to its real estate asset class, Russo said at the time.
The other finalists were ACORE Capital, Bridge Investment Group and PCCP.
As of Sept. 30, the pension fund’s actual allocation to real estate was 8.4%; the target is 10%.
Investment consultant NEPC assisted.
