Bow River Capital’s second opportunistic real estate fund has raised $186m (€160.3m) at close after receiving commitments from institutional and individual investors.

The manager said 2018 Fund will invest in commercial and residential real estate with a focus on value-add, distressed and new construction investment opportunities.

While the 2018 Fund will consider assets located throughout the US, its primary focus will be to target investment opportunities in the lower middle market across the Rocky Mountains and surrounding states, the manager said.

Blair Richardson, Bow River’s CEO, said: “Bow River is thankful for our investors’ support and believe we are strategically positioned to pursue opportunities in a region that continues to demonstrate outsized demographic growth and heightened investment opportunities.”

Richard Wham, Bow River’s COO, said: “As we transition into a period of greater volatility, the fund is very well positioned to move quickly as opportunities arise. Speed of execution is a distinct competitive advantage.”