Emet Municipal Real Estate Strategy III secures $210m after launch

Emet Capital Management, a private equity real estate firm that invests in distressed debt secured by affordable housing, has brought a new real estate strategy to market.

Emet Municipal Real Estate Strategy III recently opened for subscriptions and has already received $210 million of commitments against a $300 million target, according to sources with knowledge of the matter. The firm's investor base is a mix of institutional investors — including university endowments and corporate pensions — family office and ultra-high-net-worth investors.

Emet specializes in distressed and special-situation real estate opportunities within the municipal marketplace, according to the firm’s website. The real estate assets are typically within the subsectors of affordable multifamily housing, student housing, and senior housing, and exhibit asset and financial distress. Fund III is a continuation of the strategy employed in Funds I and II.

Emet currently manages multip