Endeavor Real Estate has held a $210m (€187m) final close for its inaugural general partner (GP) fund, surpassing its target in an oversubscribed capital raise.
The US real estate fund manager said Endeavor GP Fund I, which attracted support from both existing and new investors, will target value-add acquisitions and developments across Texas and Sunbelt markets.
The fund’s target sectors include the acquisition or development of multi-family, retail, student housing, hospitality, industrial and mixed-use properties.
Endeavor GP Fund I represents the manager’s first dedicated general partner vehicle, alongside four traditional commingled real estate funds raised over its 27-year history.
Jamil Alam, Endeavor managing principal, said: “We appreciate the strong support from our longstanding investors and are excited to welcome our new investors who share confidence in our ability to deliver attractive risk-adjusted returns.”
Alam said the manager retains “strong conviction in the job growth and in-migration stories” across target markets, adding that near-term strategy will lean heavily towards acquisitions to exploit recent “downward pricing adjustments”, aiming for a “healthy amount of the return profile coming from current income vs gain”.
Ben Bufkin, managing principal at Endeavor, said: “Endeavor has made strategic additions to our team, such as experts in the DFW market, student housing and hospitality sector.
“As the market recovers, we expect to shift our fund allocation towards more development. The new additions position us well for future growth.”
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