Rockpoint Group is expected to conclude a $3bn (€2.8bn) fundraising for its sixth opportunistic real estate fund this month, according to a prospective investor.
The Connecticut Retirement Plans and Trust Funds (CRPTF) – which is planning a $150m commitment to the Rockpoint Fund VI fund – said in a meeting document that as of 15 March, Rockpoint had raised approximately $2.5bn directly into the fund and an additional $239m for co-investing.
Fund VI has a $3.5bn hard cap target and Rockpoint is expected to make a 1.5% co-investment into the fund’s total commitments. Rockpoint raised $3.28bn for the predecessor fund.
The fund targets a 13% to 15% net internal rate of return and will have leverage in the range of 60% to 65%.
Fund VI, which targets US office, hotel and residential markets, has already invested $534.3m in four deals.
In the meeting document, CRPTF said it is also considering a $75m commitment to the Homestead Capital USA Farmland Fund III, a fund seeking to raise $600m, with a hard cap of $700m.
Homestead Capital is planning to have a final close in June for the fund which will invest in value-add US farmlands, including both row and permanent croplands.