Dune Real Estate Partners has closed its third real estate fund with $960m (€755m) committed by institutions and pension funds.
The New York company said the amount surpassed its initial $850m target for the fund, which will invest in distressed, value-add real estate in the US.
The fund has projected equity commitments of $263.5m in eight investments, including a residential portfolio in Las Vegas, a high-end Los Angeles retail portfolio, industrial properties in Oakland and a luxury residential development in Miami.
Chief executive Daniel Neidich, who founded Dune in 2005, said the company saw “tremendous opportunities ahead”.
Dune said it has raised $2.5bn of equity capital since inception and currently manages $3.6bn of assets.
The company raises capital from institutional investors, including public and corporate pension funds, endowments and foundations and high net worth families.
As reported earlier this month, the Oklahoma Teachers’ Retirement System hired Dune as one of six real estate managers for non-core investments.
Oklahoma is investing around $50m with Dune, alongside similar amounts with American Realty Strategic Value Realty Fund, Antheus Realty Partners IV, GreenOak Real Estate Partners US Fund II and Starwood Opportunity Fund X Global, as well as $35m allocated to Landmark Real Estate’s Fund VII.
