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PGIM Real Estate eyes $2B capital raise for US debt fund

PGIM Real Estate is eyeing a capital raise of $2.00 billion over the next three years for its new open-ended PGIM Real Estate US Debt fund, IPE Real Assets reported.

The Stanislaus County Employees' Retirement Association is pledging $54.0 million to the investment platform. The fund is targeting a gross internal rate of return between 7% and 8% and will be targeting senior and subordinated loans secured against institutional real estate with strong fundamentals and income streams, the publication noted, citing a board meeting report.

PGIM did not offer a comment on the matter.