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With the pandemic opening up secondary opportunities, the Los Angeles-based firm went on a performing loan buying spree for its $650m strategy.
Though new relationships are still on hold throughout much of the world, many kinds of investors are still finding ways to grow their real estate exposure.
The follow up to KKR’s 2017 fund will continue to focus on junior tranches of commercial mortgages.
Capital providers and their managers are seeking fresh pockets of value as fundraising in the sector dips.
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, sister title PERE has learned from a source.
The firm’s latest credit vehicle has already significantly outpaced its predecessor fund, which closed on $695m.
The fund will deploy capital in Europe and North America.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.
The US offers stable loan underwriting standards and an opportunity for debt funds to take back market share from banks, which have lent more in recent quarters.