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The Chicago-based manager’s latest real estate debt fund carries the same strategy as its predecessor, but the lower return targets are a function of the late cycle, sister title PERE has learned from a source.

Erik Savi’s exit is accelerating the combination of infrastructure and real estate debt into a single platform, a plan that was already in the works.

The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.