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Rockpoint Closes Core-Plus Fund at $2B
Rockpoint Group has closed its third core-plus fund at its goal of $2 billion, PERE reported. The Boston-based investment firm had begun fundraising for its Rockpoint Growth and Income III in 2018.
RGI III is the largest fund in Rockpoint’s lower-risk fund series, which debuted in 2014, PERE reported. RG II closed at $1.7 billion in July 2017.
RGI III will focus on office and multifamily properties with strong cash flow and limited capital requirements in U.S. coastal markets, according to PERE. The fund has a leverage cap of 50% loan to value.
Rockpoint is also raising capital for Rockpoint Real Estate Fund VI, its latest opportunistic vehicle. It had closed $2.7 billion of commitments as of this past Dec. 31, and has a target of $3 billion.
Fund VI will acquire multifamily, office and hotel assets in need of restructuring or recapitalization.
Pictured: Rockpoint headquarters at 500 Boylston St. in Boston.
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