Fundraising - APRIL 17, 2013

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LEM Capital raises $203.5 million for third high-yield debt fund

by Andrea Waitrovich

LEM Capital has raised $203.5 million for its LEM Real Estate High-Yield Debt & Preferred Equity Fund III, according to a filing with the Securities and Exchange Commission. The fund launched in April 2012 with a $300 million fundraising goal, with a hard cap of $500 million. It was previously reported the fund held a $127.99 million interim close earlier this month; however, the recent filing did not disclose a first close or final close date.

Fund III will purchase and originate real estate structured finance investments, which primarily will consist of preferred equity, mezzanine loans and first mortgages. Fund III will also consider B-notes, joint venture equity and entity-level investments in real estate operating companies. Individual investments are generally expected to range b

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