debt funds

Pennyslyvania Public School Employee's Retirement System have made the second largest investor commitment so far this year, with $200bn committed to the PIMCO Commercial Real Estate Debt Fund II as of September 5.

The manager expects high interest rates and lower deal volumes to restrict broader CLO market comeback.

Leverage helped to fuel acquisitions, refinancings and returns over the past cycle. Now, lenders and borrowers are working to adapt to a new reality.

Fundraising was slower compared with the same period last year, when managers raised $18.5bn.

The strategy arrives as the firm sees more industrial, construction and multifamily opportunities.

Commercial real estate debt funds in North America raise $2.97bn in Q1 2023, showing resilience amid shifting market conditions.

The deal is the largest year-to-date construction loan originated in the US.

Goldman Sachs, US Bank, Franklin BSP executives anticipate more stress and higher debt costs.

The strategy will originate bridge loans on behalf of domestic and international institutional investors.

Real Estate Capital USA presents the 2023 edition of its Debt Fund 40 ranking.