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Torchlight Debt Fund VII is the largest US real estate debt fund to be closed this year.
With nearly $8bn raised last quarter, open-end vehicles accounted for 90% of real estate capital inflows for Blackstone – and it sees room for further growth.
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.
New York-based Pretium’s $1.5bn deal is one of the largest GP-led secondaries transactions recorded, as such deals account for a growing share of the market.
Following positive return performances in 2018, family office allocations to the strategy increased by 2.1 percentage points – more than any other asset class.
The New Mexico sovereign wealth fund has invested $242m in the Los Angeles-based manager’s vehicles since 2014.
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