Farallon Capital Management closed a large investment fund to take advantage of a limited capital environment and the larger “widespread correction” in commercial real estate markets.
The Rocky Fried and Josh Dapice-led firm announced Monday its fourth U.S.-focused opportunistic structure, Farallon Real Estate Partners IV (FREP IV) at more than $650 million of investor commitments, exceeding its original target of $500 million.
The funds will be used to invest in “inefficient segments” of the national real estate market with a focus on industrial, multifamily, retail and office sub-sectors. FREP IV will target equity, preferred equity and distressed debt investments in relevant assets within the core sub-sectors.
Dapice described the U.S. real estate environment as one where “we believe we are in the early innings of a widespread correction that will lead to attractive acquisition opportunities, particularly as it relates to working with owners in need of flexible and creative capital solutions.” And Fried said the new fund will benefit from the current scarcity of capital.
The San Francisco-based Farallon has deployed approximately $7.4 billion of capital in 263 investments over more than 30 years, according to the company. It also manages approximately $39 billion in capital and commitments.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
Read More Channel, Finance, Industrial, multi-family, office, Retail, Los Angeles, Farallon Capital Management Farallon Capital Management closed a large investment fund to take advantage of a limited capital environment and the larger “widespread correction” in commercial real estate markets. The Rocky Fried and Josh Dapice-led firm announced Monday its fourth U.S.-focused opportunistic structure, Farallon Real Estate Partners IV (FREP IV) at more than $650 million of investor commitments,
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