PGIM Real Estate scored a mandate from Iowa Public Employees Retirement System to manage a $250 million real estate debt separate account, IPE Real Assets reported.
The pension fund issued a request for proposal for the management of the account, to which eight firms reportedly responded.
The separate account will form part of the pension fund's private credit allocation established in 2016. It will target global investments in private commercial real estate debt, and can include core and opportunistic investments, according to the report.
PGIM Real Estate is the real estate investment arm of Prudential Financial Inc.