Bridge Investment Group Secures $20M from VCERA for RE Debt Fund
Bridge Investment Group secured a $20 million commitment from the Ventura County Employees’ Retirement Association (VCERA) for its Bridge Debt Strategies Fund V.
The fund, part of the firm’s three-pronged investment strategy, aims to raise $2.5 billion.
The fund will originate first mortgage direct loans, investing in Freddie Mac K-Series B-Pieces and opportunistically investing in other CRE-backed debt, including CRE CLOs. The strategy focuses on multifamily, office, seniors housing and logistics sectors.
In 2022, VCERA’s board increased the allocation targeted to private credit from 6% to 8%. At its meeting in March, the board approved a 2023 Private Credit pacing commitment target of $225 million.
The Board approved a $25 million commitment to Bridge V’s predecessor fund, Bridge IV in July 2021, and a $25 million commitment to Bridge III in September 2019. The latest commitment to Bridge V will hit the 2023 private credit $225 million commitment target.