Centerbridge Partners raised $2.3bn (€2bn) for its Centerbridge Partners Real Estate Fund II (CPREF II) fund, exceeding the second real estate vehicle’s original target of $1.5bn.
The manager said CPREF II received strong support from a diverse group of existing and new investors across the globe to raises 150% more than CPREF I, which closed in December 2018.
As previously reported, the Teachers’ Retirement System of Louisiana approved a $70m commitment to the North America and Europe opportunistic real estate fund.
The Montana Board of Investments has approved a $50m commitment to CPREF II and the Connecticut Retirement Plans and Trust Funds disclosed it was considering a $200m commitment to fund.
Centerbridge said CPREF II will target thematic investment opportunities across self-storage and specialised storage, digital real estate, industrial and logistics, residential and subsectors experiencing “positive tailwinds as a result of shifting consumer behaviours, with a focus on leisure and experiential real estate”.
Jeff Aronson, co-founder and managing principal of Centerbridge, said: “We are pleased to close our second real estate fund, which marks an exceptional milestone for our real estate platform. We are thankful for the strong support of our new and existing investors as we continue to build on the performance of our first fund.”
William Rahm, a senior managing director and head of real estate at Centerbridge, said: “We continue to see real estate markets evolve, as technology accelerates demand for asset classes from logistics to digital real estate and impacts how companies serve customers in residential, storage and leisure sectors.
“The flexibility of our strategy and the breadth of our team’s capabilities position us well to invest strategically in this dynamic environment.”
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