Mandrake Capital is seeking to raise $400m (€365.5m) for its latest US real estate fund, according to people familiar with the fund.
The New York State Common Retirement Fund (NYSCRF), which has made a $10m capital commitment to the Mandrake Capital Real Estate Fund II fund said the investment was made as part of its emerging manager programme for its real estate portfolio.
Fund II focuses on build-to-rent investments in the US, with a secondary focus on special situations in commercial and residential real estate. The pension fund told IPE Real Assets that “fundamentals in the build-to-rent strategy remain strong and Mandrake has a strong track record, an experience team and a proven ability to execute in this segment.”
For Fund II’s opportunistic investments, NYSCRF expects Mandrake to seek undervalued assets facing temporary distress or dislocation, maximising risk-adjusted returns.
NYSCRF also made a $10m commitment to Grandview Joint Venture III as part of its emerging manager programme for its real estate portfolio.
The Grandview Property Partners-managed venture seeks mixed-use opportunities across US industrial and residential sectors, employing flexible equity and debt structures in mid-market deals.
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