Cresset Closes Funds for Logistics, QOZ; Immediately Launches Follow-Ups
Cresset Partners said Wednesday it had closed its first industrial-focused fund, the Cresset Real Estate Logistics Fund I at more than $250 million, which will finance the development of nine state-of-the-art warehouse facilities. To meet ongoing demand for warehouse space, Chicago-based Cresset has launched its second industrial fund.
In addition, Cresset has closed its second opportunity zone fund, the $655-million Cresset-Diversified Qualified Opportunity Zone Fund II, alongside the launch of its third fund in the QOZ space.
“The successful closings of our logistics and opportunity zone funds, and the immediate launch of both follow-on funds, speaks to the diversified and exciting opportunities we see for core development in both sectors,” said Michael L. Miller, co-founder and executive managing director at Cresset Real Estate Partners. “Both strategies address the strong demand for investments in alternative asset classes that will help grow and protect our investors’ portfolios.”
- ◦Financing
