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Report: Berkshire's 1st real estate debt fund nears $1.3B hard cap

Berkshire Group pulled in $1 billion for its first real estate debt fund in two funding rounds, bringing it closer to its $1.25 billion hard cap, PERE News reported, citing sources with knowledge of the matter.

Investors in the Berkshire Multifamily Debt Fund include Tennessee Consolidated Retirement System, which earmarked up to $150 million in September.

Berkshire is also looking to raise $350 million for Berkshire Multifamily Value Plus Fund IV, its fourth closed-ended equity fund. That fund will focus on equity and debt investments in U.S. multifamily properties, including ground-up development and value-add redevelopment, according to the report.