Randy Plavajka
CalPERS backed the manager's latest debt strategy with a $1.5bn commitment, while Illinois, New Mexico and Ohio institutional investment funds also contributed to the fundraise.
The firm will originate first mortgages backed by high-quality assets in major US and Western Europe markets.
The CEO believes real estate private credit could become the biggest part of the Toronto-based manager’s global property business.
US bank lenders will face stricter capital requirements with proposed regulatory changes.
The Los Angeles-based manager is targeting $3bn for its Real Estate Debt Fund IV.
Lenders in the US multifamily sector are adapting to the dramatic rental increases of the past six months.
AB's head of private alternatives, Matt Bass, tells affiliate title REC USA the CarVal acquisition fills gaps in its opportunistic and distressed credit capabilities.