Principal Real Estate Investors has raised $578.6m (€477.4m) for its third US high yield, private debt fund and invested 37% of the fund’s capital.
The real estate arm of Principal Global Investors, said the Principal Real Estate Debt Fund III fund, which closed on December 11, was backed by a total of 30 limited partners from the US, Asia, and the Middle East.
The investors include public and corporate pension funds, insurance companies, sovereign wealth funds, endowments, and foundations.
The manager said as of the end of last month, the fund had closed or committed 11 investments totalling $410.9m, representing approximately 37% of the fund equity.
The fund targets private commercial real estate debt investments, primarily mezzanine debt, b-notes, senior mortgages, and participating construction-permanent loans in major US markets.
The two predecessor funds in the series raised more than $1.3bn in commitments with total investments exceeding $2bn.
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