BOSTON—Rockpoint Group LLC said Thursday it hadclosed its first lower-risk, lower-return coreplus investment vehicle, Core Plus Fund I. The fund closedat $950 million in equity commitments, including co-investmentcommitments, slightly short of the $1-billion ceiling thatBoston-based Rockpoint set when fundraising was launched about sixmonths ago.

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

Core Plus Fund I was not formally marketed and was raised from asmall group of primarily existing investors, Rockpoint said. Nobrokerage commissions or placement fees were paid in connectionwith the fund.