As technology accelerates demand for asset classes from logistics to digital real estate, Centerbridge Partners is eager to deploy capital.
On Tuesday, it announced that it has closed its second real estate fund.
The Centerbridge Partners Real Estate Fund II, with $2.3 billion in capital commitments, is significantly above the original target of $1.5 billion. The fund received strong support from a diverse group of existing and new investors across the globe.
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CPREF II will target thematic investment opportunities across self-storage and specialized storage, digital real estate, industrial and logistics, residential and subsectors experiencing positive tailwinds as a result of shifting consumer behaviors, with a focus on leisure and experiential real estate.
Led by senior managing director and head of real estate William Rahm, Centerbridge wants to capitalize on how these asset classes "impact how companies serve customers in residential, storage and leisure sectors."
The dedicated investment vehicle builds on Centerbridge's 15-year track record in which it has invested more than $10 billion of equity in real estate properties, companies and loans and securities across its platform. The firm's real estate team currently manages approximately $3.2 billion in dedicated real estate assets.
CPREF II represents over a 150% increase in committed capital from CPREF I, which closed in December 2018.
Hodes Weill Securities, LLC acted as placement agent for the fund, and Simpson Thacher & Bartlett LLP served as legal counsel.
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