Redcar’s debut real estate fund has exceeded its $350m (€317m) fundraising target by more than 17% at final close, the Los Angeles property investment manager said.

The Redcar Fund I fund – which was oversubscribed above its hard cap target – received $412m in capital commitments from investors including pension funds, endowments, financial institutions, family offices, fund of funds and asset managers in North America, Europe and the Middle East.

According to the manager, Fund I targets underperforming properties in select submarkets throughout Los Angeles and completes specialised redevelopment to transform properties into creative office space and other uses.

Redcar said the fund is already 75% committed and has assembled a portfolio of 14 transactions representing over $300m of equity, located in Culver City, Santa Monica, Silver Lake/Frogtown and Chinatown.

Chris Chee, Redcar managing partner, said: “We are extremely pleased with the interest and support we have received from a diverse group of investors for our first fund.

“We have assembled a strong portfolio for Fund I and continue to have an active pipeline of attractive opportunities. Redcar has very high conviction on the LA market and our strategy going forward.”