Cresco Capital Group launches first fund with equity capital commitments
Cresco Capital Group, an integrated real estate investor, developer and asset manager, closed its first fund at the end of last year, with equity commitments totaling €197 million ($245 million).
The CCG1 fund is investing in project development in Germany, with a particular focus on the residential sector.
The capital was raised among international family offices and high-net-worth individuals, including multifamily office LJ Partnership. The Guernsey-registered fund is investing in the major German cities and university towns. While its focus is on student- and serviced-apartment projects, it also invests in other asset classes, such as neighborhood, office and hotel developments.
The fund is already 50 percent invested in four projects in Berlin, Frankfurt and Cologne, with a total investment volume of approximately €300 million ($373 million).