New York-based investor Basis Investment Group LLC raised $410 million for its first commingled U.S.-focused real estate debt fund, PERE News reported.

Big Real Estate Fund I LP exceeded its initial fundraising target by $10 million. A spokesman for the firm did not disclose details on the fund's target returns, the report noted.

The fund secured commitments from investors including pension plans, investment management firms, financial institutions and sovereign wealth funds, according to the report.

Basis, through the fund, will provide bridge and mezzanine debt, preferred and structured equity and make B-piece bond acquisitions for middle-market commercial and multifamily assets, the publication reported.