Iron Point raises $268m for third real estate fund

Iron Point Partners has raised $267.97 million for its third real estate fund, Iron Point Real Estate Partners III, according to a filing with the SEC. The fund is reportedly looking to raise $450 million and have a final close by the end of the year.

The fund’s predecessor, IPREP II, closed in September 2012 after exceeding its $450 million target by raising $750 million. IPREP II was an opportunistic vehicle whose investment targets include distressed loans, the development of data centers in supply-constrained markets and the acquisition of assisted-living facilities and affordable-housing properties in North America, as well as investments in the more traditional property types.

Formed in 2007, Iron Point manages a series of opportunistic real estate private equit