Fundraising - JANUARY 10, 2014

Artemis raises $423m for second fund

by Andrea Waitrovich

Artemis Real Estate Partners has raised $422.5 million for its Artemis Real Estate Partners Fund II, according to a filing with the SEC. The value-added/opportunistic fund launched in June 2013 and aims to raise $550 million by March 2014.

The firm held a first close in October 2013, raising $280 million. Artemis Real Estate Partners Fund II will invest in U.S. multifamily, office, industrial, retail, senior housing and self-storage investments.

Artemis Real Estate Partners Fund I closed in January 2012 with $436 million in equity commitments. The fund focuses on distressed properties and loans ranging between $10 million to $40 million. In addition, Artemis established a $300 million separate account with the New York State Common Retirement Fund in fall 2011, which combined with the fund commitments provides $736 million of investor equity under management. The separate account invests in core properties of office, retail, industrial and multifamily properties in primary markets, using modest leverage.

Artemis Fund I makes opportunistic debt and equity investments in office, retail, industrial, multifamily and senior housing properties, with an initial focus on distressed situations and nonperforming loans in the $10 million to $40 million equity range. It also may increase transaction size with co-investment capital. The vehicle also invests, via programmatic joint venture relationships with experienced local partners, in the major knowledge-based markets as well as secondary markets with attractive growth characteristics. 

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