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The Miami Beach-based private investment firm will be the third private real estate manager to amass double-digit billions for a single property fund.
Large pools of capital have been raised for distressed strategies, but thanks to government support schemes, finding a home for it is proving a challenge.
The strategy makes up almost half of the private real estate capital raised in the region, the highest proportion recorded since 2016.
The New York-based firm’s latest vehicle is effectively a non-traded REIT within a 1940 Act wrapper, but the wrapper is where the innovation lies.
The New York-based private equity firm’s KREST could democratize access to institutional real estate through a number of ‘investor-friendly’ features.
Real estate debt managers drew ample investor support for strategies ranging from senior debt to special situations, despite unprecedented uncertainty in the global macroeconomic environment.
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.