The Connecticut Pension Plans and Trust Funds (CRPTF) are considering a $ 200 million (€ 169.5 million) grant to Centerbridge Real Estate Fund II, according to the pension fund meeting document.
Centerbridge Partners raised $ 500 million during the first quarter of the year for an opportunistic fund in North America and Europe, which is expected to reach its $ 1.5 billion capital raising target in the third quarter of the year.
The fund is expected to have up to 70% on a loan-to-value basis.
CRPTF’s real estate consultant, NEPC, said in a meeting document that the fund is targeting a net internal rate of return of at least 16%.
Fund II will target digital real estate, industry / logistics, hospitality, warehousing and possibly some retail.
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