Contrarian Capital markets third debt fund
Contrarian Capital Management is marketing a third distressed real estate debt fund. It has a $450 million equity fundraising target.
According to a filing with the SEC, the debt fund has raised $92.1 million in equity commitments. It invests in U.S. distressed mortgages, debt and properties.
Its predecessor, Contrarian Distressed Real Estate Debt Fund II, closed in late 2011 with $450 million in investment capital.
Distressed real estate investing has been a key focus for Contrarian since the inception of the firm. The firm’s real estate strategy targets distressed debt investments collateralized by real estate. It focuses on opportunities in the $5 million and $50 million range.
According to IREI’s FundTracker database