LOS ANGELES—Tryperion Partners, a new private real estate investment firm, has closed its first fund.

Tryperion RE Fund I, L.P. has $50 million of discretionary committed capital. It will pursue value-add acquisition and recapitalization opportunities for existing assets in secondary markets that appear poised for growth. Investments in a mix of office, retail, hospitality and multifamily properties are anticipated.

“Generally speaking, we're looking at markets that have strong employment and population growth,” says Joseph Kessel, a partner in the firm. “We're looking at areas that aren't seeing excess supply that aren't necessarily being targeted by other institutional investors: San Antonio, Salt Lake City, parts of Denver, Albuquerque, Phoenix.”

Kessel tells GlobeSt.com that the fund will be “looking for investments that have been mismanaged, are not getting the appropriate attention, if they need capital investment to reposition the assets, if they have deferred maintenance or need investment to iimprove. We'll be getting granular at the property level to make sure they're operating at their highest and best use.”

Tryperion Partners was founded by Kessel, Eliot Bencuya and Jeffrey Karsh, formerly of Canyon Capital Realty Advisors. The firm will look to acquire income-producing properties at a discount to both replacement cost and intrinsic value. The fund will make equity investments between $5 million to $15 million and will use up to 75% leverage to provide a total investment capacity of up to $200 million.

The name Tryperion is a play on Hyperion, the Greek god of wisdom, incorporating the concept of the firm's three partners, Kessel says.

As reported earlier by GlobeSt.com, Canyon Capital Realty Advisors has launched a new fund targeting underserved communities.

Instant Insights /

Tryperion Partners Eyes Secondary Markets

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