BOSTON—Rockpoint Group LLC said Thursday it had closed its first lower-risk, lower-return core plus investment vehicle, Core Plus Fund I. The fund closed at $950 million in equity commitments, including co-investment commitments, slightly short of the $1-billion ceiling that Boston-based Rockpoint set when fundraising was launched about six months ago.

Historically, Rockpoint has sponsored opportunistic funds, having raised more than $8 billion of equity capital for these funds since the company was launched in 2003. That includes its most recent opportunistic fund, Rockpoint Real Estate Fund IV, which closed in March 2013 and aggregated $2.33 billion of commitments, including $380 million in co-investment capital. PERE reported Wednesday that Real Estate Fund V has been launched, with a $2.5-billion target. In addition, the core-plus fund that closed this week is likely to be the first of a series from Rockpoint.

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