Hackman Capital Partners (HCP) has raised $1.6bn (€1.64bn) to invest in film and television studios.
The real estate investment and operating company said the HCP Studio Fund closed on $1.4bn of commitments, exceeding an initial target of $1bn and its initial hard cap of $1.25bn. HCP also received $200m in co-investment commitments.
HCP said investors in the fund comprise a diverse mix of global institutions including sovereign wealth funds, public and corporate pensions, insurance companies, endowments, foundations, and family offices, among others.
Back in February, IPE Real Assets reported that Indiana Public Retirement System had approved $100m to the HCP’s studio fund and made a $50m commitment to the manager’s sidecar vehicle.
The fund is focused on acquiring studio and media assets with attractive in-place income and growth potential in top production markets across the world.
Los Angeles-based HCP is a real estate investment and operating company known for commercial, industrial and studio properties. The firm’s portfolio of studio assets includes 16 studio facilities across North America and the UK.
As of the second quarter of the year, the fund had approximately 50% of its capital invested and committed and has made seven investments worth $488m, HCP said.
The fund’s portfolio includes Eastbrook & The Wharf Studios in London, Kaufman Astoria Studios in New York and Radford Studio Center in Los Angeles.
Michael Hackman, CEO of Hackman Capital Partners, said: “We are pleased to have completed this institutional capital raise for the studio and media strategy and are grateful for the strong support from our new investment partners.
“We have built a unique and highly differentiated platform that has established Hackman as the premier owner and operator of independent film and television studios. Combined with our longstanding industry relationships, we provide a sustainable competitive advantage, and are well capitalised to execute on a strong pipeline of investment opportunities.”
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