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JBC Fund V to hold final close of $85m

by Zoë Wolff

The John Buck Co. is gearing up for a final close of its fifth fund, according to Kevin Hites, CIO of the firm.

JBC Fund V, which was targeting $75 million, has raised $85 million so far and has held two closes since the fund launched in June 2014. The fund has a hard cap of $100 million.

JBC Fund V focuses on new developments and value-added properties in major urban U.S. markets and is targeting a leveraged IRR of 20 percent.

The fund has acquired three properties so far, with one more in the works. The biggest investment is Park Tower at Transbay in San Francisco, which is a 750,000-square-foot office development property. The other two acquisitions are residential projects in Chicago.

The fund raised capital from a mix of private and institutional investors. The John Buck Co. will co-invest up to 15 percent. The fund

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