Alpaca Real Estate has raised $223m (€193.5m) at the final close of its inaugural real estate fund and co-investment vehicle to target US infill industrial and residential assets.
The private equity real estate firm secured $202m in core commitments alongside approximately $21m in co-investments for the Alpaca Real Estate Fund, reaching a final close roughly 18 months after its first round.
Alpaca said it expects total equity deployment to surpass $300m across the main fund and co-investment vehicles, taking its gross real estate assets under management to nearly $1bn.
Backed by seeding partner GCM Grosvenor, the fund attracted a diverse institutional investor base across public pension plans, registered investment advisers, wealth platforms, foundations, family offices, and international investment managers, Alpaca added.
Peter Weiss, co-founder and managing partner, Alpaca Real Estate, said: “The successful close of our debut fund amid a challenging fundraising environment is a testament to the strength of our seed portfolio, disciplined investment strategy and our intelligently designed AI-centric data and analysis platform.”
Daniel Carr, co-founder and managing partner, Alpaca Real Estate, said: “Prioritising a foundation of data integrity from inception, well before AI became a strategic imperative for the industry, has allowed us to overlay agentic AI across investment underwriting, portfolio monitoring, and asset management workflows to drive investment outcomes and investor transparency.”
Ermias Nessibu, executive director at GCM Grosvenor, said: “The Alpaca Real Estate platform offers limited partners something that is difficult to replicate in the private equity space: a differentiated investment strategy, coupled with a full stack, AI-powered platform that effectively helps investors better assess and manage investment risk across target investments, which are underpinned by market fragmentation, distress and dislocation.
“The Alpaca Real Estate team’s early commitment to building a cutting-edge technology platform to augment their core real estate expertise reflects the kind of forward-thinking approach that we believe creates durable competitive advantages for institutional investors.”
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