US real estate private equity firm Temerity Strategic Partners (TSP) has raised over $175m (€166m) for its debut fund’s final close.
Temerity Strategic Partners Fund, with commitments from over 50 investors and sidecar co-investment vehicles, plans to support between $250m to $300m in aggregate co-general partner equity investments during its investment period, TSP said.
The manager said the fund’s backers include real estate industry leaders, family offices and institutional investors, including an anchor commitment from one of the largest public pension plan sponsors in the US.
IPE Real Assets reported in September that Teacher Retirement System of Texas had made a $100m commitment to the fund.
The fund has so far invested in multifamily communities real estate owner Ashcroft Capital, open-air retail centres operator DLC and a New York City multifamily owner-operator, TSP said.
Bruce Cohen, TSP’s co-founder and CEO, said: “In an uncertain environment, we achieved the trust of a distinguished group of institutional and private investors that are supporting our inaugural fund.
“We are grateful for this vote of confidence and are focused on unlocking investment opportunities that provide robust risk-adjusted returns for our investors.”
Jeff Citrin, TSP’s co-founder and executive chairman, said: “Temerity Strategic’s programmatic commitments to best-in-class owner-operators are designed to enhance each sponsor’s strengths and domain expertise, enabling them to scale quickly and execute on their sizable acquisition pipelines.
“For our investors, the rigor that forms the basis of our programmatic ventures will enable us to be aligned and thoughtful stewards of their capital.”
To read the latest IPE Real Assets magazine click here.
