N
orth Carolina Retirement Systems is allocating $1.15 bn (€994 m) to U.S. real‑estate debt through Benefit Street Partners’ vehicles. A board‑meeting note shows a $200 m commitment to the BSP Real Estate Opportunity Fund II and $950 m spread across two Benefit Street accounts. Fund II will target junior and senior debt, plus equity, in construction deals for industrial and multifamily assets, aiming for a net IRR of 13‑15 % and cash yields of 8‑10 %. The capital target for Fund II remains undisclosed. The pension fund also put $300 m into a core industrial account managed by LBA Realty and $200 m into a value‑add retail account with Northpond. Additionally, a $98 m commitment was made to Brookfield Infrastructure Walker’s co‑investment.
