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fundraising
The New York-based manager will focus on large-balance loans through the fund, including bridge and construction deals in the mid-market.
Managers are looking at the historically underallocated investor group as they seek to expand their platforms.
The firm anticipates another capital closing before year-end and then a final close late in the first quarter.
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.