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The manager could allocate up to approximately 25% of its sixth opportunistic fund toward real estate opportunities.
The pair will combine senior and C-PACE financing to supercharge sustainable real estate developments and existing assets.
CPP Investments was second, with $1.24bn allocated.
Andrew Smith will focus on expanding the Florida manager’s credit platform as it plans fund launch.
The firm is seeking to develop, raise and deploy credit-geared strategies.
Institutional investors are at or near their allocations to commercial real estate, which is also having an impact on capital raising.
Investors are shifting their focus towards higher returns, higher risk profile strategies.
The New York-based manager has raised $1.3 billion for C-PACE lending series over the past 12 months, backed by appetite from insurance companies.
The alternative management arm’s largest-ever fundraise arrives at a critical time for private credit and bank lenders in the real estate market.
The private credit markets are changing rapidly. Here’s what to look for next.