Bridge Investment raises $482 million for opportunity fund
Bridge Investment Group Partners has held a $482 million close for its second opportunistic fund, Real Estate Opportunity Capital Fund II (ROC II). The figure surpasses the initial goal of $375 million, but is still under the hard cap of $500 million.
ROC II will hold its final close on, or before, Sept. 30, 2013, confirms Dean Allara, COO and managing director of capital markets at Bridge Investment.
Investors in the fund include a number of endowments, foundations, public and private pensions, funds of funds, family offices, and high-net-worth individuals.
Since March 2013, ROC II has deployed roughly $250 million of capital in multifamily and office space across the United States. ROC II is targeting multifamily and office acquisitions on a select opportunistic basis.
ROC II is the second fund in a series. ROC I launched in 2009, closing with $137 million in June 2010. ROC I invested with a distressed and opportunistic strategy, targeting multifamily and office assets. The fund acquired 36 assets, and it has 22 remaining in its portfolio.