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Brookfield seeking $1B for real estate debt fund

Brookfield Asset Management Inc. is eyeing a $1 billion capital raise for its open-ended real estate debt fund, IPE Real Assets reported, citing the San Diego County Employees Retirement Association or SDCERA.

The pension fund, which approved a $100 million pledge to the investment vehicle last year, said Brookfield had already raised between $400 million and $500 million for the Brookfield Senior Mezzanine Real Estate Finance Fund.

SDCERA also said the real estate fund will mainly invest in senior mezzanine loans, either through origination or purchase in the secondary market. First-mortgage loans and single-borrower commercial mortgage-backed securities are also on the radar for the fund, albeit on a selective basis, the publication added.

The debt selected for purchase will sport a loan-to-value ratio in the range of 50% to 60%, with an upper benchmark of 70%.