PERE’s latest ranking of the largest real estate debt fund managers shows covid-19 has been no obstacle for the asset class.
After announcing plans to privatize its listed real estate platform earlier this year, the firm will now try to raise its biggest private fund ever.
The New York-based private equity firm’s CIREP V marks the second higher-risk, higher-return property fund closing to be announced in a week.
The higher returning strategy raised only $35.4bn, but the average fund size hit an all-time high, according to PERE data.
The Miami-based investment firm has completed its biggest-ever initial closing with its latest property vehicle, which is also the largest in market.
More than half of the capital for the California firm’s latest vehicle came from the region, much of it from first-time investors.
The firm had over $20bn of inflows in Q2 2020, which includes significant capital raised for the Blackstone Real Estate Debt Strategies IV.
Asia-Pacific real estate funds recorded the biggest year-on-year growth in terms of total capital raised in the first half of 2020.
The New York-based alternative asset manager, formerly known as Och-Ziff Capital Management, beat the target for its latest property vehicle by nearly $1bn.
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, PERE has learned from a source.