Dune raises $359m for third real estate fund
Dune Real Estate Partners has raised $359 million for its third real estate fund, Dune Real Estate Fund III, according to a filing with the SEC. The opportunistic fund launched in 2012 with an equity target of $850 million.With leverage, the fund could have more than $1.3 billion of buying power.
DREF III continues the opportunistic investment approach applied within the two predecessor funds to selectively acquire, manage and sell real estate assets that are mispriced or underperforming. Through DREF III, Dune is targeting distressed commercial and residential real estate as well as nonperforming loans and debt throughout the United States. The vehicle may selectively make investments in the European Union.
Dune anticipates that DREF III will comprise 15 to 25 investments with individual