US commercial real estate manager Acore Capital has held a $1.1bn (€980m) final close for its second opportunistic debt fund, surpassing its $1bn target.
The Acore Opportunistic Credit II (AOC II), which is more than four times the size of its predecessor vehicle, has already committed $400m of capital across 14 transactions, the manager said.
In addition to the $1.1bn AOC II fund, which secured commitments from institutional investors including the Fresno County Employees Retirement Association, Acore is pre-marketing its third flagship fund, Acore Credit Partners III, targeting up to $2bn in capital raises and supported by a $250m anchor commitment from the Virginia Retirement System.
Warren de Haan, CEO and co-founder of Acore Capital, said: “For more than a decade, we have built our business around the ability to navigate market cycles, identify where capital is most needed and deploy it with discipline. At a moment of significant dislocation across commercial real estate, we believe our experience, relationships and capabilities position us to capitalise on the market opportunity and continue delivering for our investors.
“The strong investor demand for AOC II, which closed at more than four times the size of its predecessor fund, is a powerful endorsement of both the investment case for opportunistic real estate credit and the platform we have built at Acore.”
Michael Romo, partner and head of global investor group at Acore Capital, said: “The strong support for AOC II from a diverse group of institutional investors reflects the confidence in our team, our platform, and the opportunity we see ahead.
“With this latest opportunistic credit vehicle, we continue to build and expand our track record of being effective stewards of investors’ capital and draw on our expertise, relationships and disciplined investment approach to deliver results on behalf of our growing investor community.”
Matthew Drummond, senior managing director and head of high yield strategies at Acore Capital, said: “Opportunistic real estate credit continues to offer compelling risk-adjusted return potential, driven by a significant basis re-set across many asset classes that provides an attractive opportunity to finance business plans that can take advantage of today’s discounted valuations.
“In an uncertain capital markets and interest rate environment, institutional equity investors remain very selective. Utilising Acore’s origination network and structuring expertise, we see an opportunity to generate equity-like returns at a more senior position in the capital structure.”
Acore Capital’s credit platform includes both flagship and opportunistic strategies, backed by insurer Tokio Marine, which acquired a majority stake in the manager through its Delphi Financial subsidiary in late 2025 while awarding it investment discretion over a $10bn-plus real estate debt portfolio.
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