NEW YORK CITY-Madison International Realty’s Madison International Real Estate Liquidity Fund IV LP has closed at $510 million, or $110 million more than its original target, the private equity firm said Tuesday. Founder and president Ronald Dickerman tells GlobeSt.com the company has between $200 million and $300 million of transactions in its pipeline.

“We are pursuing numerous opportunities consistent with our unique investment strategy and will issue details as they close,” Dickerman says. That investment strategy focuses on acquiring illiquid and/or partial ownership interests in class A properties and portfolios from investors seeking an early exit strategy.

The firm also provides equity for recapitalizations, debt restructurings and monetizing embedded equity in existing ownership entities. Madison invests as a principal on behalf of its private equity funds. 

Through MIRELF IV, Madison this past November acquired additional partnership interests in the Chrysler East Building at 666 Third Ave., increasing its stake in the office tower to 48.9% from 38.5%. Madison now has total invested capital of $55 million in the 745,410-square-foot building, in which it has been an investor since 2008. It acquired its ownership interest through a closed-end fund sponsored by Commerzbank, which raised $107 million of equity in 2002 to acquire a joint venture interest in partnership with Tishman Speyer.

Other Madison portfolio investments include 300 Park Ave. and 520 Madison Ave. in New York City, One Bush St. in San Francisco and the Devonshire House in London.

“The exit strategies we create for existing investors have become particularly attractive in today’s market as holding periods have elongated,” Dickerman said in a release when the Chrysler East transaction was announced.  “We are also seeing an enhanced need to amortize maturing debt with equity, restructure or recapitalize, or to sell a minority ownership position so investors can monetize some of the value in their properties or portfolios.”