Dune Real Estate requests fundraise extension into July, seeks $1.25b

Dune Real Estate has requested a consent to extend the offering period for an additional four months for Dune Real Estate Partners IV, according to a board meeting document from the Oklahoma Teachers’ Retirement System. The currently scheduled closing date for the fund was March 25, 2019, but Dune requests it to be moved to July 31, 2019. Dune Real Estate did not comment.

Dune informed Oklahoma Teachers’ that it has raised approximately $750 million in commitments for Fund IV as of the most recent close held a couple weeks ago. Oklahoma Teachers’ committed $60 million to the fund in 2017.

The extension request is to allow several potential large commitment LPs additional time to complete their final stages of due diligence, board approval and legal documentation. With an approval of the extension, Dune estimates Fund IV’s total commitments will be $1.25 billion or slightly higher. Fund IV has a hard cap of $1.5 billion currently in place.

Dune continues