Calmwater Capital completes final closing for third fund

Calmwater Capital has held a final closing for its third fund, U.S. Real Estate Credit Fund III, with $636.3 million in total commitments. Investors include endowments, pension funds and family offices, based in North America, Asia, Europe and South America.

Similar to prior funds, Calmwater focuses on originating $5 million to $50 million senior loans on fundamentally sound assets, but where there is a sense of urgency or complexity and the potential to earn superior risk-adjusted returns.

“Sophisticated borrowers pay premiums for our expediency as well as our expertise and flexibility to underwrite complexities and transitional assets. While seeking premium returns and making quick decisions, we remain highly focused on downside protection and adhere to institutional processes established and refined since 2010,” said David Traversi, president of Calmwater.

Calmwater has already invested in 44 loans for the fund, all senior liens with a substantial equity