US real estate private equity firm Rockpoint has closed its seventh fund at $2.7bn (€2.5bn) and raised an additional $2.4bn in capital commitments for other vehicles.
The Boston-based manager said the fundraising for the Rockpoint Real Estate Fund VII, the two single investor funds and one single-asset continuation vehicle was backed by pension funds, sovereign wealth funds, endowments, and family offices from Asia, Canada, Europe, Latin America, the Middle East, and the US.
As previously reported, Texas Permanent School Fund Corporation approved a $75m commitment to Rockpoint Real Estate Fund VII. Teachers’ Retirement System of the State of Illinois also backed the fund with a $150m commitment.
Sources told IPE Real Assets last year that Rockpoint had set a $3-4bn target for its seventh opportunistic real estate fund to invest in a range of real estate asset classes, including industrial, multifamily, single-family rental, and hospitality, as well as select office investments.
IPE Real Assets understands that the Rockpoint Real Estate Fund VII fund has so far raised two-thirds of its target. Rockpoint’s sixth fund, which closed in June of 2020, raised $3.8bn as it exceeded its $3bn target.
Bill Walton, managing member at Rockpoint, said: “We are grateful for the strong support from both existing and new investors. As we continue to thoughtfully grow our platform and invest in assets where our longstanding relationship, local market expertise, and vertically integrated capabilities can add substantial value, we are well positioned to capitalise on what we believe will be compelling opportunities during this period of dislocation across the real estate sector.”
To read the latest IPE Real Assets magazine click here.
