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Fundraising - DECEMBER 23, 2015

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Alcion Real Estate holds $500m final close

by Andrea Waitrovich

Alcion Real Estate Partners Fund III had a final closing, bringing total capital commitments to $542 million, exceeding the original target raise of $500 million.

The diversified investor base includes U.S. and Canadian pension funds, U.S. endowments, and offshore institutional investors.

The investment strategy for the fund is thesis-driven. The fund is focusing on three key themes: repositioning infill, older, urban apartments for millennials at rents that are at significant discounts to newer class A apartments and are therefore more affordable; creative office repositioning in markets such as Brooklyn, Chicago and Los Angeles; and special situations requiring value creation expertise to unlock the investment’s full value potential.

The opportunistic fund focuses on the four main property types typically located in seven major North American urban markets. The initial closing for the fund was held in spring 2014. 

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