Canyon Partners Real Estate has raised over $650m (€535m) for its latest US real estate debt vehicle.
The manager said the amount raised for the Canyon Laurel Fund II (CLF II) fund and related co-investments exceeds the $530m raised by the predecessor fund including related co-investments.
CLF II’s investor base spans the US, Japan, Korea, and Australia, as well as a wide array of institutional profiles, including public and corporate pensions, endowments, financial institutions, and family offices.
The fund targets senior and subordinate debt investments in the top US markets spanning all major property types.
The manager said it has already deployed over 60% of the fund’s capital across a combination of primary originations and secondary market purchases.
Robin Potts, Canyon Partners Real Estate’s co-head of real estate, said: “The growth of our debt platform can be attributed to a combination of ongoing support and confidence from our existing partners as well as a growing market appreciation for our strategy and capabilities.”
Potts said around 70% of the predecessor fund’s investors re-upped into the CLF II fund.
“The COVID-19 pandemic has created an even more compelling environment for real estate debt as lenders, owners, and developers have been faced with increasing liquidity needs, while Canyon’s positioning coming into the crisis allowed us to move quickly and capitalize on the growing opportunity set,” Potts.
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