Minnesota State Board of Investment (SBI) has proposed a $200m (€166.1m) commitment to Brookfield Asset Management’s sixth commercial real estate finance fund. In a meeting document, the pension fund recommended the capital approval to Brookfield Real Estate Finance Fund VI, a fund seeking $3bn capital raise to target investments in the US and some European countries including the UK. Fund VI targets an 8% to 10% net internal rate of return and 11% to 13% gross return. The fund will be originating whole loans, providing capital to recapitalisation transactions and purchasing debt secured by real estate.