Sculptor Capital Management has raised $4.6bn (€3.94m) for its fifth opportunistic real estate equity fund, exceeding the fund’s $3bn target.
The fund manager said Sculptor Real Estate Fund V, which was backed by both new and existing institutional investors globally, reached its hard cap and secured an additional $825m of co-investment capital.
As previously reported, Sculptor Capital’s latest fund secured the backing of US public pension funds, including New Mexico State Investment Council (SIC) and Ohio Public Employees Retirement System, which each committed $200m to the main fund. New Mexico SIC also added $100m to the co-investment sidecar.
Other commitments to Fund V included $150m from the Texas Permanent School Fund, $125m from the Teachers’ Retirement System of Louisiana and $100m each from the Oregon Public Employees Retirement Fund, San Francisco Employees’ Retirement System and the South Carolina Retirement System.
Alaska Retirement Management Board also committed $50m to the fund, which invests in alternative US assets such as gaming properties, hotels, senior housing and digital infrastructure.
Steven Orbuch, founder and president of Sculptor Real Estate, said: “For more than 20 years, we have shown that our expertise and experience investing in non-traditional real estate provides attractive income and total returns with less macro correlation and lower volatility.
“Our broad sector diversification, long-tenured team, and disciplined investment approach have uniquely positioned us to identify and capitalise on the exciting opportunities that exist and deliver consistent, risk-adjusted returns to our investors.”
Nicholas Hecker, CIO of Sculptor Real Estate, said: “We are extremely grateful for our investors’ continued support of our strategy and look forward to continuing to focus on generating opportunistic returns with modest leverage and attractive current cash yields.”
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