San Bernardino County Employees Retirement Association is planning to approve a £50 million (€57.7 million) commitment to PGIM Real Estate’s latest European debt fund, PRECap VIII.
The fundraising target for PRECap VII is currently unknown, but the manager’s previous Fund VII achieved a final close of €1.8 billion in early 2022.
The fund strategy targets high-yield real estate debt opportunities in core liquid European asset classes. The fund targets net internal rates of return of 12%, with 8% of that return expected to come from current income.
Source: realassets.ipe.com on 8 October 2025
https://realassets.ipe.com/news/sbcera-plans-commitment-to-pgim-real-estates-europe-debt-fund/10133067.article