California State Teachers’ Retirement System (CalSTRS) and Abu Dhabi’s Mubadala Investment Company have increased their investment in 3650 Capital, committing an additional $215m (€119.4m) to the US commercial real estate lender.
According to 3650, the new capital will be allocated across 3650’s lending strategies and support multiple investment products.
Prior to the latest capital infusion, 3650 secured $430m in additional commitments from CalSTRS, Temasek and an unnamed wealth management and investment advisory firm in the third quarter of 2024. South Korea’s Public Officials Benefit Association also previously made a $100m commitment to 3650.
Jonathan Roth, co-founder and managing partner of 3650 Capital, said: “We are deeply grateful for the unwavering support of our world-class, global institutional investors and are proud to accept these new commitments from both CalSTRS and Mubadala.
“As longtime advocates of 3650’s investment strategies, both organisations have enabled us to continue to pursue a diverse range of capital solutions for our borrowers, resulting in superb portfolio performance and consistent growth.”
Toby Cobb, co-founder and managing partner of 3650 Capital, said: “As we enter 2025, alternative capital providers are evaluating a robust slate of opportunities to finance commercial real estate projects while banks remain retrenched.
“Our proven business model, cyclical real estate experience and creative, all-in-one approach have led to a unique ability to capitalise on these opportunities and offer outsized returns.”
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