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The New York-based REIT receives capital commitment from an undisclosed Canadian institutional investor.
Managers are looking at the historically underallocated investor group as they seek to expand their platforms.
The New York-based pension is increasing its allocation from $1.1bn to $1.3bn.
The pair will combine senior and C-PACE financing to supercharge sustainable real estate developments and existing assets.
The commitment represents a new relationship for the $11bn San Diego retirement system.
The $11bn institution has invested in Sabal Debt Opportunities Fund III.
The $11bn pension fund will be launching searches for managers imminently.
The system has rebalanced its portfolio, increasing its private real estate debt target and decreasing that of its core real estate by 2% each way.
A $325m commitment from CPP Investments to the TPG AG Essential Housing Fund was the largest made in the past two months.
The need for income means real estate private credit is becoming an indispensable allocation for investors.