ACORE Capital has raised $556m (€496m) for its first US real estate debt fund, the company said today as it announced the closing of an additional $2bn of separate account mandates.
The commercial real estate finance company said the discretionary ACORE Credit IV fund will focus on originating and managing transitional debt investments.
The additional separate account mandates will target similar commercial real estate lending opportunities, ACORE said.
The fund’s investors include a diverse group of international institutions from North America, Europe, the Middle East and Asia, including public and private pension plans, insurance companies, investment advisers, and foundations, and family offices. The separate account investors are global insurance companies that prefer investing via separate accounts over funds.
The manager said the fund has committed close to of it equity capital in 19 investments across a diversified by property type, geography and borrowers.
Boyd Fellows, managing partner at ACORE, said: “The scale of our access to transaction opportunities as a result of our reputation and relationships, validated by our track record, will provide us with a sustainable competitive advantage as we advance the fund’s strategy.
“We expect the investment capacity of the fund will be expanded with co-investment capital commitments from fund investors in strategic transactions.”
Managing partner Warren de Haan said: “With decades of lending experience as a team, we have positioned ACORE as a major participant in the bridge lending world since its founding.
“The success we have achieved is a testament to the high quality of our team and our client-first culture, which our clients recognize and value.”