Mesa West Capital has raised $900m (€863m) for its fourth US real estate debt vehicle.
The manager said the amount was the most it had raised for a closed-end debt fund.
Around 80% of investors in the Mesa West Real Estate Income Fund IV have invested in one or more of Mesa West’s previous funds.
Investors in the fund include public and corporate pension funds, sovereigns, insurance companies and foundations and endowments.
Ryan Krauch, principal, said: “We are humbled both new and existing investors put their trust in our team and investment strategy.
“Our investors understand they can often achieve better going-in yield and average cash-on-cash returns by lending on high-quality assets than they can by buying them while at the same time being in the most senior position of the capital stack, which is especially important in today’s low-cap-rate environment.”
Mesa West Capital was one of the first managers to focus exclusively on commercial real estate debt in 2005 through its $208m fund.
It has since deployed more than $11bn of loans.
Through funds and separate accounts, Mesa West originates fixed and floating-rate loans for core, core-plus and value-add properties across the US.