Rockwood Capital raises $1.1bn for US value-add property fund
Rockwood Capital has closed its tenth fund at $1.1bn (€1bn).
The Rockwood Capital Real Estate Partners Fund X was backed by public and private pension funds, foundations, endowments, insurance companies, funds of funds, family offices and high net worth individuals.
More than 60% of investors in the fund, which has a US value-add approach, have invested in previous Rockwood-sponsored funds.
The fund will target US office, residential, retail and hotel assets in urban and suburban core mixed-use environments.
Tyson Skillings, managing partner and portfolio manager of Fund X, said the vehicle would focus on “speed-to-income, or how quickly value creation can be executed and a durable income stream put in place”.
The fund is around 30% committed, having completed nine investments.
“Fund X has consummated nine investments to date we believe will deliver compelling, risk-adjusted returns as we execute our value-enhancing business plans,” he said.
Park Madison Partners served as placement agent in North America.