Crescent Real Estate closes third real estate fund

Crescent Real Estate has closed a third investment vehicle, known as GP Invitation Fund III, after an invitation-only campaign raised $265 million from existing and new private investors.

Fund III will acquire, develop and operate real estate assets. Crescent began investing Fund III earlier this year, and has committed less than 10 percent of the fund capital to date. Fund III is expected to provide as much as $4 billion of additional investment capacity by partnering with long-standing, high-net-worth clients and institutional investors.

“Our unique structure allows us to be fast and flexible, which is especially important in today’s dynamic investment environment,” said John Goff, chairman of Crescent. “With fresh capital, we are well positioned to capitalize on opportunities created by the current volatility in the markets.”

The first fund in the series acquired a diversified portfolio of 28 investments spread across the office, multifamily, hospit