London-based TH Real Estate is rolling out its first debt fund in the U.S. following several real estate debt-focused joint ventures, PERE News reported.
The yet-unnamed open-ended fund is likely to launch during the third quarter. The fund's capital will be invested initially in the U.S., with the possibility of expanding into other geographies, according to the report.
Sources familiar with the fundraising process told the news outlet that a state pension plan is in due diligence for a $250 million commitment to the fund and TH Real Estate is looking to invest $250 million on behalf of the TIAA General Account.
The investment manager, which is owned by TIAA, is also alleged to be looking for Korean institutional capital and other sources for the commingled debt vehicle.
A spokeswoman refused to comment on the matter, according to the publication.