Freshman Congressman Biggs on Homeland Security Committee Makes Significant Investments in Private Real Estate and Credit

According to U.S. House public disclosures, Republican Representative Sheri Biggs made a series of investments in unregistered alternative‐investment products on February 4, 6 and 27. Each transaction was in the $1,001–$15,000 range, and her purchases were concentrated in Oaktree’s private‐credit fund and KKR’s unlisted real‐estate trust.

Biggs, a first‐term member representing South Carolina’s 3rd District, sits on the Homeland Security Committee, the Science, Space & Technology Committee and the Foreign Affairs Committee, among other subcommittees. Her portfolio of legislative responsibilities spans border security, transportation safety, energy, advanced technology and diplomacy in both the Western Hemisphere and the Indo-Pacific region. She is widely seen as a pro-defense, pro-manufacturing lawmaker—sponsoring measures such as the Made-in-America Defense Act. That a member with oversight authority over defense, infrastructure budgets and related regulations has invested in alternative funds backed by corporate loans and real estate assets raises potential conflict-of-interest concerns, since future budget or regulatory changes could affect the performance of those underlying assets.

The most prominent holding in Biggs’s filing is the Oaktree Strategic Credit Fund (unlisted Class S), a private business‐development company that makes direct loans to mid‐ and large‐cap U.S. firms. As of October 31, 2025, its net asset value (NAV) stood at $22.98 per share, with a one-year total return of about 7% and an annualized dividend yield in the mid-8% range. With benchmark rates remaining high, capital has flowed into private credit, rapidly expanding the fund’s loan portfolio and assets under management. At the same time, the fund’s liquidity is limited by a quarterly share-repurchase cap—typically around 5% of outstanding shares—meaning that a downturn triggering credit losses could coincide with redemption restrictions, potentially placing an active oversight legislator in the position of a direct stakeholder.

Biggs’s other significant holding is the KKR Real Estate Select Trust (Class U), an unlisted REIT that diversifies across U.S. commercial real estate—including industrial, residential, single-tenant and medical‐office properties—and real estate debt. At year-end 2024, its portfolio totaled approximately $3.1 billion, with net assets near $1.3 billion. In 2025, the trust posted a –5.7% annual return, reflecting the impact of higher interest rates and downward valuations in commercial property, yet it maintained a mid-5% distribution yield on a monthly basis. All of its 2025 distributions were classified as return of capital. Recently, redemption requests have exceeded the trust’s quarterly repurchase limit, heightening liquidity concerns. Given Rep. Biggs’s committee assignments—overseeing infrastructure, industrial parks, advanced manufacturing facilities and medical infrastructure—her direct investment in the same asset class may amplify public scrutiny and regulatory risk, especially in the absence of comprehensive congressional rules governing members’ personal investments.